Samvardhana Motherson International has received approval for the acquisition of 73.05% (on a fully diluted basis) stake in Irillic through combination of primary infusion and secondary acquisition, subject to satisfactory completion of conditions precedent. Post completion of the transaction, Irillic will become subsidiary of the Company. The agreement is for investment of Rs 46.6 crore through combination of primary infusion and secondary acquisition. The Board of Directors of the Company at their meeting held on October 20, 2023 have approved the same.
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.
