Sumitomo Wiring Systems, Japan (SWS) has sold 3.4% shares held in Samvardhana Motherson International (SAMIL) through bulk deal at stock exchange in India as part of global deleveraging strategy to fund partial debt prepayment of SWS group in the rising interest environment.
Sumitomo Wiring Systems along with H.K. Wiring Systems (HKWS) was holding 17.72% equity shares in SAMIL. With the above sell-out, SWS's holding in SAMIL will reduce to 14.32%.
Samvardhana Motherson International is one of the world’s leading specialized automotive component manufacturing companies for OEMs. The company, formerly known as Motherson Sumi Systems was established in 1986 as a joint venture with Sumitomo Wiring Systems.
