Samvardhana Motherson International (SAMIL) has received approval from Board of Directors for acquisition of 51% equity stake in Nissin Advanced Coating Indo Co. (Nissin India) from Nissin Electric, Japan, subject to satisfactory completion of conditions precedent.
Post completion of the afore-mentioned acquisition, SAMIL will hold 100% of equity share capital of Nissin India via SAMIL and its wholly owned subsidiary namely Samvardhana Motherson Innovative Solutions, in the ratio of 51% and 49%, respectively. Thereafter, Nissin India will become indirect wholly owned subsidiary of SAMIL.
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.
