New Delhi: Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a step-down subsidiary of Samvardhana Motherson International Limited (SAMIL), through one of its European subsidiaries, has signed a binding undertaking to acquire 100% stake in CIRMA Entreprise, a French société par actions simplifiée, from Vinci Energies France, a French société par actions simplifiée.
This acquisition is done to diversify SMRPBV’s portfolio of Electrical Wiring and Interconnect Systems (EWIS) for aerospace, shipbuilding, allied Industries etc.
With this transaction Motherson will become Tier 1 to Aerospace OEM and proximity to OEM will open further avenues for growth.
It will also be possible to diversify to Electrical Wiring and Interconnect Systems (EWIS) for Aerospace, shipbuilding and other allied Industries from an existing portfolio of aero structure component, machining etc., the company said in a media release on Thursday.
Aligned with the growth strategy and synergistic with existing wiring harness capabilities of Motherson, this transaction will also help the Group gain access to the shipbuilding and allied Industries, the release said.
The proposed transaction may be subject to the approval/clearance from the French Foreign Investment Control (FIC), the release added.
