For a total enterprise value of Rs 207 crore, Samvardhana Motherson International Ltd (previously Motherson Sumi Systems Limited) said it would buy a 51% share in Saddles International Automotive and Aviation Interiors Pvt Ltd.
According to an exchange filing, the businesses intend to complete the transaction three to four months after the agreement was signed.
Adjustments will be made for debt, debt-like assets, and working capital when calculating the enterprise value.
Samvardhana Motherson will diversify its current business with the acquisition of Saddles International by entering the upholstery market for uses like passenger vehicle seat covers, gear knob covers, wrapping of door panels, etc., supporting the company’s goal of increasing content per car, the company said.
Saddles International Automotive and Aviation Interiors Pvt Ltd. manufactures high-end upholstery for uses such as seat covers for passenger cars, gear knob covers, and door trim wrapping solutions. Over the following 4-5 years, Saddle International has secured business worth Rs. 2,500 crores. According to an investor presentation, the company had 320 crore in revenues in FY22 and employs about 2,000 people. It runs seven facilities in India that are close to OEMs.
In a different press release, Samvardhana Motherson also disclosed the merger of its four fully-owned subsidiaries with the business via the NCLT process.
Among the four subsidiaries are Motherson Consultancies Service, Motherson Invenzen Xlab, Samvardhana Motherson Polymers, and MS Global India Automotive.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.