Auto components maker Samvardhana Motherson International on Friday stated it should purchase 95 per cent stake in Japan-based Atsumitec for USD 57 million (round Rs 482 crore). The corporate’s board has permitted the acquisition by way of its subsidiary Samvardhana Motherson Automotive Programs Group BV, the corporate stated in an announcement.
Honda Motor shall proceed to personal remaining 5 per cent voting rights shares in Atsumitec Co, Ltd, it famous.
The Japanese agency is engaged within the manufacturing of excessive precision machined elements, together with gear shifters, chassis and transmission components, for each 4 wheelers and two wheelers.
The corporate has 9 services unfold throughout Japan, China, United States, Mexico, Thailand, Indonesia, and Vietnam.
Shares of Samvardhana Motherson had been buying and selling 1.08 per cent up at Rs 168.85 apiece on BSE.