Shareholders vote in favour of Motherson Sumi Group restructuring
Date: 30 Apr 2021
Sumi Systems Ltd. (MSSL) in a regulatory filing has informed the stock
exchanges about the outcome
of the NCLT convened shareholder meeting. The public shareholders
(non-promoter) have voted in favour of the proposal with an overwhelming majority,
thus paving the way for successful completion of the proposed restructuring.
the proposed reorganisation is completed, two growth focused listed companies
1) Motherson Sumi Wiring India Ltd. (MSWIL)
will be the largest listed automotive wiring harness player in India with a
nationwide manufacturing footprint. MSWIL will benefit from the continued parentage
of MSSL along with an increased focus from Sumitomo Wiring Systems, Japan (SWS)
to cater to the fast-growing Indian automotive market. Also, MSWIL will bring
in exciting new solutions for electric vehicle offerings from our customers.
2) Motherson Sumi Systems Ltd. (MSSL)
combined with the business of Samvardhana Motherson International Ltd (SAMIL)
creates a solid platform to achieve our stated Vision 2025. The company will
now fully own its international business Samvardhana Motherson Automotive Systems
Group BV (SMRPBV); which not only results in a simplification of the group
structure and enhanced cash flows; but also, further diversifies MSSL’s revenue
and product mix by addition of products like automotive lighting, shock
absorbers, sheet metal, HVAC etc in line with our 3CX10 strategy.
on this development, Vivek Chaand Sehgal, Chairman, MSSL said “We thank our
shareholders for their support and trust in the capabilities of Motherson. This
is an important step for us to achieve the next phase of growth for our group.
The existing automotive business along with the addition of the exciting new
business verticals, makes us confident of achieving our Vision 2025 targets. We
would also like to take this moment to thank the front-line workers who are
serving during the current wave of Covid-19. Our deepest sympathies are with
the families who have lost their near ones in this battle. For us, the health
and safety of our employees remain our topmost priority. We are doing our best
under the circumstances to support our employees and their families.”
SMRP BV successfully completes acquisition
of majority stake in Plast Met Group
Samvardhana Motherson Automotive Systems Group BV (SMRPBV), announced the
successful closure of acquisition of a majority stake in Plast Met Plastik
Metal San. ImalatveTic.A.S.(PM-Bursa) and Plast Met Kalip
San.veTic.A.S.(PM-Istanbul) together known as Plast Met group (Turkey) through
its subsidiary Samvardhana Motherson Reflectec (SMR).
the successful closure of this acquisition, Motherson Group now has access to
significant Turkish automotive market. Plast Met is a large automotive supplier
in Turkey for injection moulded parts and sub-assemblies, and also owns a state
of art commercial tool room engaged in manufacture and supplying of high end
injection moulding tools to customers worldwide. Building on the capabilities
of Plast Met group, Motherson will be able to support its customers in the
European region more efficiently.