Motherson Sumi Systems’s subsidiary is planning to raise Euro 500 million. Samvardhana Motherson Automotive Systems Group BV, Netherlands, company’s subsidiary and joint venture with Samvardhana Motherson International for Samvardhana Motherson Reflectec (SMR) and Samvardhana Motherson Peguform (SMP) has announced an offering of euro 500,000,000 new senior secured notes.
These issue proceeds will be utilised for prepayment of existing borrowings as well for general corporate purposes including financing of capital expenditure, the company said in a filing.
Motherson Sumi Systems is engaged in manufacturing a range of products from single circuit lead wire to complex cabin harnesses and from small harnesses to harnesses for large cranes and elevators. It also supplies wiring harnesses to material handling, earth moving and farm equipment, white goods & electronics, elevators, office automation and medical equipment industries.
