M&A

M&A

Samvardhana Motherson to acquire controlling stake in China’s Shenzhen Autocruis for Rs.210-Cr

BSE Announcement   Business Line   Shenzhen Autocruis Technology   Shenzhen Autocruis Technology  

Publicly listed Noida-based Samvardhana Motherson International Limited, via its subsidiary SMR Automotive (SMR Langfang), is to acquire a 64.76% stake in Shenzhen, China-based Shenzhen Autocruis Technology for approximately $22.6-M (Rs.210-Cr). Following the initial acquisition, the target company will undertake a buy-back of its equity, which will result in SMR Langfang holding a 67.78% stake in the firm.Founded in 2018, Shenzhen Autocruis Technology specializes in the design and development of automotive vision and camera-based systems, including camera monitoring systems for passenger and commercial vehicles, full digital mirror systems, surround-view systems, driver monitoring systems, and digital video recorders. The company currently generates a turnover of approximately $6.8-M.The acquirer plans to integrate the technology from the target company to expand its presence in automotive vision and camera-based systems, serving both original equipment manufacturers and aftermarket customers.