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Auto-component firm Motherson Sumi Systems Ltd's board has approved the merger of MSSL Global Wiring Ltd and India Nails Manufacturing Pvt Ltd with itself.
This is to reduce product development time and consolidate the group's businesses.
The company's board also approved the merger of Sumi Motherson Innovative Engineering Ltd, currently a subsidiary of Sumitomo Wiring Systems, with itself, a company statement said.
“With the changed scenario of vehicles being designed in and for India, this business under one window will help Motherson Sumi to service its customers for wiring harness business better,” it said. This together with MSSL wire division will help the company to cut down development time.
The Board further approved appointment of independent valuer for determining fair exchange ratio for the merger.
SMIEL's non-wiring harness business customers list include Maruti Suzuki, GE Healthcare, Schneider Electric, Continental Automotive, Bosch India etc.
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