SKF India Seeks Shareholder Approval for Material Related Party Transactions and Leadership Changes

SKF India Limited has issued a postal ballot notice seeking shareholder approval for three significant resolutions through remote e-voting. The company is navigating important changes following the demerger of its Industrial Business, which became effective from October 1, 2025.

Material Related Party Transactions

The first resolution concerns the approval of material related party transactions with SKF India (Industrial) Limited, the resulting company from the demerger. SKF India is seeking authorization for transactions up to ₹19,355.00 million for the financial year 2025-26 and thereafter until the next annual general meeting or fifteen months from the 64th Annual General Meeting, whichever is earlier.

These transactions include:

Transaction Type	Amount (₹ in millions)
Reimbursements of expenses paid by SKF India	9,625.00
Services provided under Interim Service Agreement	813.00
Sales of trading goods and services	1,038.00
Reimbursements paid by SKF India (Industrial)	1,000.00
Purchase of products for non-consenting customers	3,047.40
Purchase of trading goods and services	3,359.30
Other services and transactions	472.30

The proposed transactions are deemed crucial for maintaining operational efficiency and maximizing shareholder value post-demerger. They are designed to ensure seamless supply chains, shared technological expertise, and coordinated market strategies between the two entities.

Leadership Changes

New Managing Director

The second resolution addresses the appointment of Mr. Shailesh Kumar Sharma as the new Managing Director of SKF India for a term of five years, effective from October 1, 2025. Mr. Sharma has over 32 years of experience in precision engineering industries and has been leading manufacturing, sourcing, and logistics at SKF in India and Southeast Asia.

Non-Executive Director Appointment

The third resolution pertains to the appointment of Mr. Mukund Vasudevan as a Non-Executive Director. Mr. Vasudevan, who has been serving as the Managing Director since April 8, 2024, will transition to this new role following his resignation from the Managing Director position, effective September 30, 2025.

E-Voting Details

Shareholders can cast their votes electronically from October 17, 2025, at 9:00 AM (IST) until November 15, 2025, at 5:00 PM (IST). The results of the postal ballot will be announced by November 18, 2025.

These resolutions reflect SKF India's efforts to adapt its corporate structure and leadership in line with the recent demerger, while ensuring continued operational efficiency and compliance with regulatory requirements.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.28%	-54.38%	+1.13%	-43.16%	-9.02%	+233.56%

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:

Position	Appointee
Interim Chief Financial Officer	Ms. Aashi Arora
Company Secretary and Compliance Officer	Ms. Mayuri Kulkarni
Head of Automotive Business	Mr. Alagesan Thasari
Head of Legal Counsel	Ms. Kshipra Khairnar
Interim HR Head, Automotive India	Ms. Bhavna Panigrahi

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.