Motherson Sumi to merge three group firms with itself
Motherson Sumi Systems Ltd (MSSL) on Thursday said it will merge three group firms with itself as it looks to consolidate business.
By PTI | Updated:
NEW DELHI: Motherson Sumi Systems Ltd (MSSL) on Thursday said it will merge three group firms with itself as it looks to consolidate business.
The company, which has set a target of becoming a $5 billion entity by 2015, said its board of directors has approved the merger of Sumi Motherson Innovative Engineering Ltd ( SMIEL), MSSL Global Wiring Ltd ( MGWL) and India Nails Manufacturing Pvt Ltd (INMPL) with itself.
The board further approved appointment of independent valuer for determining fair exchange ratio for the merger of SMIEL, presently a subsidiary of Sumitomo Wiring Systems (SWS), the company said.
"These consolidations are all a part of the plans to achieve the target of becoming $5 billion entity by 2015," MSSL Chief Financial Officer GN Gauba said.
Gauba said Deloitte will determine the fair exchange ratio for the merger of SMIEL and the process is likely to be completed in 3-4 weeks, while the whole process of merging the three group firms could be over in 6-9 months.
SMIEL is engaged in manufacture of components for wiring harnesses and other plastic components while MGWL is into manufacturing of wiring harnesses. INMPL is a wholly-owned arm having mainly land and building.
The company, which has set a target of becoming a $5 billion entity by 2015, said its board of directors has approved the merger of Sumi Motherson Innovative Engineering Ltd ( SMIEL), MSSL Global Wiring Ltd ( MGWL) and India Nails Manufacturing Pvt Ltd (INMPL) with itself.
The board further approved appointment of independent valuer for determining fair exchange ratio for the merger of SMIEL, presently a subsidiary of Sumitomo Wiring Systems (SWS), the company said.
"These consolidations are all a part of the plans to achieve the target of becoming $5 billion entity by 2015," MSSL Chief Financial Officer GN Gauba said.
Gauba said Deloitte will determine the fair exchange ratio for the merger of SMIEL and the process is likely to be completed in 3-4 weeks, while the whole process of merging the three group firms could be over in 6-9 months.
SMIEL is engaged in manufacture of components for wiring harnesses and other plastic components while MGWL is into manufacturing of wiring harnesses. INMPL is a wholly-owned arm having mainly land and building.
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