Motherson Sumi acquires 55% in CIM Tools to enter aerospace

Noida-headquartered Motherson Sumi Systems Ltd has acquired 55% stake in CIM Tools Pvt Ltd at an enterprise value of INR 400.5 crore. The proposed transaction will enable diversification into a non-automotive industry 55% stake in CIM Tools Pvt. Ltd, which holds 83.02% in Aero Treatment Pvt Ltd and 49.99% in Lauak CIM Aerospace Pvt Ltd. CIM Tools is in the business of machining, treatment, sub-assembly and testing of detailed aircraft parts. The consolidated proforma turnover of target companies for FY21 was INR 129.6 crore.