Motherson Sumi zooms 4% on Rs 2,000 crore capex plan

NEW DELHI: Shares of Motherson Sumi jumped to 4.35 per cent on Monday on reports the company has lined up capital expenditure of Rs 2,000 crore on nine plants in the ongoing financial year, which would span across five countries.

Following the development, shares of the auto component maker hit an all-time high of 3.75 per cent in trade on Monday.

“We have earmarked Rs 2,000 crore capex for the current fiscal (2017-18). The investment would mainly go into the upcoming nine manufacturing plants across the world," Motherson Sumi Systems Ltd CFO G N Gauba told PTI.

The company said it plans to open three of its nine plants in India. The company has set a target of achieving turnover of $18 billion by 2020.

The company had reported net sales of Rs 42,765.66 crore for the year ended March 31.

The scrip closed at Rs 432.65, up 2.40 per cent.