M&A

M&A

Samvardhana Motherson buys majority stake in Chinese firm

BSE Disclosure  

Noida-headquartered Motherson Sumi Systems Ltd has acquired a 60% stake in Chiva-based Nanchang JMCG Mekra Lang Vehicle Mirror Co Ltd for CNY 33.6 million. JMCG (Jiangling Motors Corporation Group) will continue to retain its 40% stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co Ltd. With this acquisition, SMR group will expand its portfolio into the commercial vehicle segment as well thus opening new opportunities for growth in this region. Nanchang JMCG Mekra Lang Vehicle Mirror Co Ltd is engaged in the manufacturing of automotive mirrors for passenger vehicles, pick-up trucks, and light and heavy commercial vehicles in China. The company has a manufacturing facility at Nanchang (Jiangxi, China) and reported a turnover of CNY 131 million (Euro 17 million) in CY2020.