Samvardhana Motherson International Limited's wholly owned subsidiary Samvardhana Motherson Automotive System Group BV has agreed to buy out French automotive supplier Faurecia's entire stake in SAS Autosystemtechnik Gmbh for the value of Rs 4,789 crore.
SAMIL, earlier known as Motherson Sumi Systems, said in an exchange filing that SAS is a cockpit module integrator and a provider of assembly and logistics services. In the year ending in December, the gross revenues were €4.4 billion with net revenues of €896 million, almost half of them contributed by EV programs.
The acquisition will be funded through a mix of debt and internal accruals and it is expected to be completed by the second quarter of 2024. This will help the company strengthen its position in the global automotive supply chain and also increase its customer proximity.
Shares
After the announcement of the acquisition the shares of Samvardhana Motherson Automotive on Monday went up by 2 per cent to Rs 84.
