LuK India

The National Company Law Tribunal (NCLT), Mumbai, approved the amalgamation of INA Bearings India and LuK India with Schaeffler India on September 7, 2018. The merger will become operative after completion of legal formalities.

Shareholders and creditors of Schaeffler India, INA Bearings India and LuK India voted in favor of merging the two unlisted entities into Schaeffler India. The merger will streamline operations under one corporate umbrella.

Schaeffler will merge its three local entities (Schaeffler India, INA India, and LuK India) under the listed subsidiary Schaeffler India to simplify structure and accelerate growth in India. The merger requires regulatory approvals and will double employee count from 1,500 to over 3,000.

Pennar Industries won contracts worth Rs 255 crore across its business units, including orders for module mounting structures from Adani Power, Larsen & Toubro, and others, as well as orders for under frames, building systems, and hydraulic cylinders.