Samvardhana Motherson International Limited has concluded the acquisition process of identified assets and certain employee liabilities of the German entities of Dr. Schneider Holding GmbH. This move, initiated by Samvardhana Motherson Automotive Systems Group B.V. (SMRP BV), a wholly-owned subsidiary, encompasses 100 per cent shares in the foreign subsidiaries of Dr Schneider Group located in Spain, China, the USA, and Poland. The acquisition, completed on October 2, 2023, excludes a 21 per cent shareholding in Symbiose SAS.
Dr Schneider Group, a global technology provider specialising in innovative high-end interior components, filed for insolvency in September 2022. Notably, the remaining 21 per cent shares in Symbiose SAS are set to be formalized and concluded post the Closing Date, involving an amount of approximately 50,000 Euros.
The shares were down by 0.22 per cent to ₹95.75 at 2.40 p.m. on the BSE.