Sumitomo given approval for indirect acquisition in wiring business
Sumitomo Wiring Systems Limited (SWS), involved as an indirect acquirer, has received approval for the intra-group reorganization of the Motherson Group from the Competition Commission of India (CCI) under Green Channel investment processing.
Motherson Sumi Systems Limited (MSSL), Samvardhana Motherson International Limited (SAMIL), Sumitomo Wiring Systems Limited (SWS) had filed the notice under the Green Channel process, CCI said in a release on 27 May 2021. It is deemed approved.
MSSL’s entire domestic wiring harness undertaking (DWH Undertaking) will be demerged into a newly incorporated wholly-owned subsidiary of MSSL i.e., Motherson Sumi Wiring India Limited (MSWIL); and SAMIL will be amalgamated by absorption into MSSL, being the resultant company.
Subsequently, MSSL will be renamed as Samvardhana Motherson International Limited (New SAMIL).
MSSL is the flagship company of the Motherson Group and is a leading automotive component manufacturer for original equipment manufacturers. MSSL is in the business of manufacturing automotive components (such as wiring harness), vision systems, moulded and polymer products, etc.
SAMIL is the largest shareholder of MSSL. SAMIL provides operational, strategic, and management support to all Motherson Group companies. SAMIL is inter alia engaged in the business of manufacturing automotive components and ancillaries, including automotive lighting systems, extruded and injection moulding tools and components, air intake manifolds etc.
SWS (Indirect Acquirer) is a Japanese company. It manufactures and sells wiring harnesses for automobiles and their components, electric wires, and cables for automobiles, electronic components for automobiles as well as components for electric vehicles. #manufacturing #investment #shareholdings /fiinews.com
