INA, soon to complete its acquisition of FAG Kugelfischer Georg Schaefer AG (Schweinfurt, Germany), may not be acquiring FAG Bearings India, a publicly-traded subsidiary which is 51% owned by FAG Germany.

Often, when a parent company acquisition is completed, it is treated as a direct takeover of the Indian subsidiary under India's equity market regulations. In that situation, INA would have 120 days to acquire at least an additional 20% ownership of FAG India.

INA, however, has filed for approval to treat the FAG acquisition as an "independent takeover" - freeing it from any obligation to acquire FAG Bearings India. India's regulatory agency, SEBI (Securities and Exchange Board of India) is expected to grant the exception.

FAG India said, "The takeover has not made any change in the growth plans for FAG Bearings India. Similarly, there has been no impact of takeover on the management or the business of the company."