A subsidiary of German automotive and industrial supplier Schaeffler has signed a deal to acquire Dhruva Automation & Controls, an Indian company focused on smart industrial automation and software solutions, the company said Monday.
“With the acquisition of Dhruva, Schaeffler expands its portfolio with a profitable specialist in intelligent industrial automation and gaining access to the Indian market and other customers throughout Asia,” said Andreas Schick, Chief Operating Officer at Schaeffler.
The transaction is expected to close by the end of the fourth quarter of fiscal 2024.
The Dhruva brand will be integrated into Schaeffler’s operations in the medium term, its subsidiary Industriewerk Schaeffler said in a statement.
