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Motherson Sumi Systems approves group reorganisation plan

Friday, 03 Jul 2020
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Motherson Sumi Systems (MSSL) has approved a group reorganisation plan that will create a simplified corporate structure to help businesses grow across product portfolios within the auto components space and allied operations.

The reorganisation plan, approved by the respective boards of MSSL and Samvardhana Motherson International (SAMIL), among other things, entails a demerger of the domestic wiring harness (DWH) business from MSSL into a new company that is in the process of being incorporated as a wholly-owned subsidiary of MSSL.

It also includes the subsequent merger of SAMIL into MSSL to consolidate 100 percent shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV), and bring all auto component and allied businesses in SAMIL under MSSL.

The board also approved the merger of SAMIL, the holding company of Motherson Group and promoter of MSSL, into MSSL.

For every 10 shares held in SAMIL (with face value of Rs 10 each), 51 shares of MSSL (with face value Rs one each) will be allotted. MSSL will be renamed as Samvardhana Motherson International.
 
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