Noida (Uttar Pradesh) [India], January 27 (ANI): Samvardhana Motherson International, formerly known as Motherson Sumi Systems, on Friday approved the acquisition of 51 per cent stake in Saddles International Automotive and Aviation Interiors (SIAAIPL) for a cost of Rs 207 crore.
SIAAIPL is engaged in manufacturing of premium upholstery for applications such as passenger vehicles seat covers, covers for gear knobs etc.
Samvardhana Motherson said this acquisition would mark the company's step towards diversification of its current business with its entry into upholstery space used for applications such as passenger vehicles seat covers, covers for gear knobs and wrapping of door panels, etc. thereby supporting the company's vision of increasing content per car.
The transaction is expected to be completed within a time period of 3-4 months from the date of signing, which is subject to the satisfactory completion of all conditions precedent.
The company said SIAAIPL's turnover was Rs 320 crore during FY 2021-22.
Samvardhana Motherson International, formerly known as Motherson Sumi Systems Limited, offers the design, development, manufacturing, and supply of wiring harnesses, rear view mirrors and interior and exterior modules to automotive industries.
The company was established in 1986 as a joint venture with the Japanese company Sumitomo Electric Industries, in order to produce wiring harnesses for Indian-built rebadged Suzuki cars. (ANI)