Schaeffler India announced that the requisite majority of the shareholders and creditors of the company have voted in favour of the scheme of amalgamation of the two unlisted entities, INA Bearings India Private Limited and LuK India Private Limited with Schaeffler India Limited. NCLT Chennai had dispensed with convening the meetings of creditors and shareholders of LuK India. The company has obtained no objection clearance from SEBI.
Dharmesh Arora, MD Schaeffler India Limited said, “We are thankful to all our shareholders and creditors who have wholeheartedly supported this scheme to create one strong Schaeffler entity. Once the merger is effective, the combined entity will result in creation of a leading Indian automotive and industrial supplier with approximately Rs 40 billion of revenues and around 3,000 employees.”