BERLIN (dpa-AFX) - Industriewerk Schaeffler INA-Ingenieurdienst GmbH, a subsidiary of Schaeffler AG (SCFLF.OB) said on Monday that it has inked a deal to buy Dhruva Automation & Controls (P) Ltd., an Indian company focused on smart industrial automation and software solutions with customers in the Asia Pacific region.
Andreas Schick, COO of Schaeffler AG, said: 'With the acquisition of Dhruva, Schaeffler is expanding its portfolio to include a profitable specialist in intelligent industrial automation and gaining access to the Indian market and other customers across Asia.'
The transaction is expected to be closed by the end of the fourth quarter of the fiscal 2024.
Dhruva brand is scheduled for integration into Schaeffler operations in the medium term, the acquirer said in a statement.
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