SAMIL gains on MoU with Kingdom of Saudi Arabia

25 Aug 2022 , 11:59 AM

The MoU is aimed at identifying investment development opportunities for industrial and service activities in the Kingdom of Saudi Arabia (KSA). The MoU encourages joint cooperation by SAMIL and MISA in the development of automotive parts industry in the Kingdom of Saudi Arabia (KSA). Both partners will also explore the investment opportunities in other industrial sectors as well. Ministry of Investment, Kingdom of Saudi Arabia (MISA) is responsible for the investment affairs in Kingdom of Saudi Arabia. Under the scope of this MoU, MISA will provide necessary support to Motherson to identify potential areas of investments in the KSA. Commenting on this partnership, Vivek Chaand Sehgal, chairman, Motherson, said, ?Motherson believes in creating its own path. We feel honoured and delighted to be partnering with Kingdom of Saudi Arabia (KSA). Together with Ministry of Investment, Kingdom of Saudi Arabia (MISA), we are looking forward to creating the industrial ecosystem for automotive and other industries in the KSA. We thank MISA for their encouragement and support to industries in the region and their trust in the abilities of Motherson.? Samvardhana Motherson International (SAMIL) [formerly Motherson Sumi Systems] is one of the worlds leading specialised automotive component manufacturing companies for OEMs. With a diverse global customer base of nearly all leading automobile manufacturers globally, the company has a presence in 41 countries across five continents. SAMIL is among the top 25 automotive component suppliers globally. The companys consolidated net profit declined 51.24% to Rs 141.22 crore despite an 8.92% rise in sales to Rs 17,453.63 crore in Q1 FY23 over Q1 FY22.Powered by Capital Market – Live News