Shares of Motherson Sumi Systems gained 3.7 percent intraday Thursday as a media report suggested that the company is eyeing control over Luxemburg-based auto parts supplier owned by billionaire investor Wilbur Ross.
"The flagship company of the USD 6.9 billion Samvardhana Motherson Group is in advance negotiations with billionaire investor Wilbur Ross to buy one of his portfolio companies International Automotive Components (IAC) Group for USD 750-800 million as the restructuring guru seeks to cash out of the low margins business following aborted attempts of an IPO," a report said quoting unnamed sources.
Luxemburg headquartered IAC last year generated almost USD 6 billion in annual revenue by selling instrument panels, cockpits, doors and trim, headliners and other exterior components from its 85 manufacturing facilities spread across 20 countries.
At 11:15 hours IST, the scrip of Motherson Sumi Systems was quoting at Rs 225, up Rs 1.80, or 0.81 percent on the BSE.
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