Shares in Schaeffler India Ltd rose 0.45% after it approved the acquisition of 100% stake in KRSV Innovative Auto Solutions Pvt Ltd, also known as Koovers, for about 1.424 billion rupees.
Based in Bengaluru, Koovers operates a B2B e-commerce platform that provides spare parts solutions to domestic aftermarket workshops. Founded in 2015, it serves more than 7,000 workshops and supplies some 1.8 million parts from manufacturers. Following the acquisition, Koovers will continue to operate under its existing brand name.
Harsha Kadam, Managing Director and CEO, Schaeffler India, said: “The goal of Schaeffler Automotive Aftermarket has always been to simplify workshop operations through plug-and-play products and solutions while building consumer connections. Koovers is known for its innovative Our digital offerings strongly support this ambition.”
Shares on the Bombay Stock Exchange were up 0.45 percent at Rs 3,031 at 2:43 pm.