A subsidiary of German automotive and industrial supplier Schaeffler has inked a deal to acquire Dhruva Automation & Controls, an Indian company focused on smart industrial automation and software solutions, the firm said on Monday.
“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,” Andreas Schick, chief operating officer at Schaeffler, said.
The transaction is expected to be closed by the end of the fourth quarter of the fiscal year 2024.
The Dhruva brand is scheduled for integration into Schaeffler operations in the medium term, the subsidiary, Industriewerk Schaeffler, said in a statement.
