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Samvardhana Motherson International Limited (SAMIL) shares surged by 2 per cent as the company strengthened its interior polymer business through the purchase of the German Schneider Group.
Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a wholly owned subsidiary of SAMIL, is responsible for carrying out the agreement, which entails buying shares and assets from Dr. Schneider Group companies from the insolvency administrator.
Dr. Schneider Group is known for its high-end, innovative electronic interior polymer components and systems, including smart surfaces and lighting modules, with a strong presence in premium vehicles. This move is expected to bolster Motherson’s offerings by tapping into innovative technologies and expanding its global footprint and customer relationships. The deal is projected to be closed by Q3 of FY24, pending customary closing conditions and regulatory approvals.
The shares were at ₹98.93 at 12.00 pm on BSE.
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