SKF India Limited has officially notified stock exchanges about a significant change in its promoter entity's corporate identity. The company announced that its promoter entity has changed its name from SKF Interim AB to SKF Vertevo AB, marking an important development in the company's corporate structure.

Corporate Restructuring Initiative

The name change forms part of a comprehensive global rebranding initiative undertaken by the parent organization. This strategic move is directly connected to restructuring activities resulting from the demerger of two major business segments - the Automotive Business and the Industrial Business.

Shareholding and Status Unchanged

SKF India Limited has emphasized that this modification pertains exclusively to the entity's name and does not involve any changes in critical aspects of the promoter relationship. The company has specifically clarified that there are no alterations in the promoter entity's shareholding in SKF India Limited, nor any change in its status as part of the promoter group.

The company is currently in the process of updating the new promoter entity name with other regulatory authorities wherever applicable, ensuring comprehensive compliance across all jurisdictions.

Voluntary Disclosure and Governance

Despite the name change not qualifying as material information under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, SKF India Limited has chosen to make this disclosure voluntarily. The company cited good governance practices and abundant caution as the reasons for this proactive communication to stakeholders.

Regulatory Compliance Commitment

SKF India Limited has reaffirmed its commitment to maintaining full compliance with all applicable disclosure and corporate governance requirements under the SEBI Listing Regulations and other relevant laws concerning its promoter entity. The company has assured stakeholders that it will continue to uphold the highest standards of transparency and regulatory adherence in all matters related to its promoter relationships.

SKF India Limited has successfully completed its postal ballot process for the appointment of three new Non-Executive Directors, with shareholders demonstrating strong support through the remote e-voting mechanism. The voting process concluded on March 17, 2026, marking a significant milestone in the company's board restructuring initiatives.

Board Appointments Approved

The postal ballot covered three ordinary resolutions for director appointments, all of which received overwhelming shareholder approval:

All three appointees will serve as Non-Executive, Non-Independent Directors on the company's Board effective January 13, 2026, with the promoter and promoter group having no specific interest in these appointments.

Voting Process and Participation

The remote e-voting process was conducted over an extended period to ensure maximum shareholder participation:

Director Profiles and Experience

The newly appointed directors bring extensive experience to SKF India's board. Mr. Antonio Molle, currently SKF Group Global Operations Director Automotive, holds a degree in Mechanical Engineering from Cassino University and brings over 30 years of experience with SKF Group Companies worldwide. His expertise includes due diligence for acquisitions, restructuring organizations, lean manufacturing, and factory digitalization.

Mr. Bastian Thomas serves as Director - Head of Sales Americas, EMEA & India, leading sales organizations across multiple regions. He holds a degree in Business Engineering from the University of Applied Science, Munich, and brings over 20 years of experience from organizations including BMW Group, TQ Group, Volvo Cars, and Grammer AG.

Mr. Magnus Lennart Prick, Head of Automotive Corporate Legal, holds a Master of Laws (LL.M.) from the University of Gothenburg and brings over 15 years of experience in business law, including corporate matters, M&A, governance, and commercial contracts. He has previously worked with Volvo Cars, Volvo Group, and Mannheimer Swartling law firm.

Regulatory Compliance and Documentation

The postal ballot process was conducted in strict compliance with Section 108 and 110 of the Companies Act, 2013, and Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company dispatched the postal ballot notice dated February 5, 2026, and published advertisements in Financial Express (English) and Loksatta (Marathi) on February 12, 2026.

Scrutinizer Mr. Jayavant Bhave of J. B. Bhave & Co., Company Secretaries, supervised the entire voting process and submitted his detailed report on March 17, 2026. The e-votes were unblocked from NSDL's e-voting platform at 5:14 PM on March 17, 2026, in the presence of witnesses not employed by the company.

Conclusion

The successful completion of this postal ballot process strengthens SKF India's board composition with the addition of three experienced professionals. The high approval rates and significant shareholder participation reflect strong confidence in the company's governance decisions and strategic direction.