SKF India Limited , a leading manufacturer of bearings and lubrication systems, has announced significant changes to its board and management structure. The company's Board of Directors has appointed Mr. Mukund Vasudevan as a Non-executive Non-Independent Director, effective October 1, 2025. This appointment comes as part of a broader restructuring initiative within the company.

Management Reshuffle

The appointment of Mr. Vasudevan as a Non-executive Director follows his resignation from the position of Managing Director, which he held until September 30, 2025. This transition is part of a management restructuring process related to the company's ongoing demerger.

New Leadership

SKF India has appointed Mr. Shailesh Kumar Sharma as the new Managing Director for a term of five years, commencing October 1, 2025. Mr. Sharma, who previously served as a Whole-Time Director, brings over 32 years of experience in precision engineering industries to his new role.

Changes in Key Positions

The company has also announced several other key appointments:

These appointments are effective from October 1, 2025, and are part of SKF India's new senior management team.

About Mukund Vasudevan

Mr. Vasudevan holds a Bachelor of Technology degree from IIT Mumbai and an MBA in Finance and Strategy from the University of Chicago. With over 25 years of experience, he has held leadership positions in various companies, including roles as Managing Director at Moglix and ECOLAB, and senior positions at Pentair, McKinsey & Company, and Schlumberger.

About Bhavna Panigrahi

Ms. Bhavna Panigrahi, appointed as Interim HR Head for Automotive India, brings 17 years of HR experience across India and Southeast Asia. She holds an MBA in Human Resource Management and Industrial Relations. Her expertise includes:

• Aligning human capital with business objectives
• Diversity and inclusion initiatives
• Organizational change management

Prior to joining SKF India, she worked with Schneider Electric India Pvt. Ltd. from September 2016 to May 2022 and Tata Consultancy Services from May 2008 to September 2016.

Corporate Governance

The company has confirmed that Mr. Vasudevan is not debarred from holding a directorship and is not related to any existing directors, key managerial personnel, or promoters of SKF India Limited. Similarly, Ms. Panigrahi is not related to any Directors, Key Managerial Personnel, or Promoters of the Company. These appointments, along with the other management changes, are subject to shareholder approval.

These strategic appointments and management restructuring come at a crucial time for SKF India, as the company navigates through a demerger process. The new leadership team is expected to steer the company through this transition period and beyond, leveraging their diverse experience and expertise in the industrial and automotive sectors.

SKF India Limited has received approval from the National Company Law Tribunal (NCLT) Mumbai Bench for the demerger of its Industrial Business into a separate entity, SKF India (Industrial) Limited. This strategic move aims to unlock shareholder value and provide focused management for each business segment.

Key Details of the Demerger

• Scheme Approval: The NCLT sanctioned the Scheme of Arrangement between SKF India Limited and SKF India (Industrial) Limited on September 26.
• Share Allocation: Shareholders will receive one share of SKF India (Industrial) Limited for every share held in SKF India Limited.
• Listing Plans: The new industrial entity will be independently listed on both BSE and NSE, mirroring SKF India's current listing status.
• Business Focus:
  • SKF India will retain its automotive business.
  • SKF India (Industrial) Limited will operate the demerged industrial business.

Strategic Rationale

The demerger is expected to yield several advantages:

1. Independent Growth: Allow autonomous management and pursuit of distinct opportunities for both automotive and industrial segments.
2. Enhanced Focus: Enable clearer focus on segment-specific market dynamics and customer needs.
3. Efficient Capital Allocation: Facilitate tailored capital deployment strategies for each business.
4. Risk Mitigation: De-risk both businesses from each other, allowing for more agile responses to global trends.
5. Investor Clarity: Provide greater visibility and understanding of both businesses to shareholders and stakeholders.

Financial and Operational Impact

• Shareholding Pattern: The shareholding structure of SKF India will be mirrored in SKF India (Industrial) Limited.
• Appointed Date: The effective date of the demerger will be determined by the boards of both companies.
• Regulatory Compliance: The scheme has received necessary approvals from regulatory authorities, including the Income Tax Department, RBI, and stock exchanges.

Management Commentary

The company emphasized that the demerger is designed to enhance operational efficiency, increase responsiveness to market demands, and improve end-user experiences in both the automotive and industrial sectors.

Next Steps

SKF India Limited is required to file a certified copy of the NCLT order with the Registrar of Companies, Maharashtra at Pune, within 30 days of receipt. This filing will formalize the demerger process and set the stage for the separate listing of SKF India (Industrial) Limited.

The demerger of SKF India's industrial business marks a significant milestone in the company's strategic evolution. By creating two focused entities, SKF aims to capitalize on sector-specific opportunities and drive long-term value creation for its shareholders.