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CCI approves intra-group reorganisation of Motherson Group

CCI approves intra-group reorganisation of Motherson Group CCI approves intra-group reorganisation of Motherson Group The Competition Commission of India (CCI) on Tuesday gave approval to a proposal pertaining to intra-group reorganisation of the Motherson Group under the green channel route. Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned. Commission receives a notice under green channel from Motherson Sumi Systems, Samvardhana Motherson International & Sumitomo Wiring Systems relating to an intra-group reorganisation of the Motherson Group and is deemed approved, the regulator said in a tweet.

Motherson Sumi Systems gets shareholders nod for proposed restructuring

Auto components major Motherson Sumi Systems Ltd (MSSL) on Friday said its public shareholders have voted in favour of its proposed group restructuring under which it will demerge its domestic wiring harness (DWH) business into a new company that will eventually be listed. As part of the restructuring which was announced in July last year, after the demerger of DWH, group firm Samvardhana Motherson International Ltd (SAMIL) is to be merged into MSSL to consolidate 100 per cent shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV) as well as to bring all auto component and allied businesses in SAMIL under MSSL.

6 Japanese wiring harness firms to invest P10 B in PH

Published April 22, 2021, 5:00 PM Six Japanese wiring harness firms are investing in the country with estimated investments of P10.5 billion and 18,650 jobs potential, according to Trade and Industry Secretary Ramon M. Lopez.  Lopez based his announcement on the report by Commercial Counselor and Special Trade Representative Dita Angara-Mathay, who leads the DTI Field Office in Japan, during a meeting on Tuesday, April 20, with six Japanese companies.  Trade and Industry Secretary Ramon Lopez. (ALFRED FRIAS/PRESIDENTIAL PHOTO FILE PHOTO) The online and sector-specific roundtable organized by the Philippine Trade and Investment Center in Tokyo was participated in by senior executives from Sumitomo Wiring Systems, Ltd. and Yokowo Co., Ltd., among others. 

Motherson Sumi gains 2%, hits 52-wk high as CRISIL reaffirms credit ratings

Shares of Motherson Sumi Systems, on Wednesday, rose 2.4 per cent to hit a fresh 52-week high of Rs 238.20 on the BSE after rating agency CRISIL reaffirmed the company s ratings. In an exchange filing, the company said that its long-term ratings has been reaffirmed to CRISIL AA+, with Stable outlook from the earlier negative . Short-term ratings has been reaffirmed to CRISIL A1+. At 11:25 AM, the stock was trading 1 per cent higher at Rs 234.85 as compared to the benchmark Sensex s 0.9 per cent gain. Around 80.8 lakh shares have changed hands on the NSE and BSE, combined, so far. In Q3FY21, Motherson Sumi Systems consolidated profit after tax (PAT) more-than-doubled to Rs 798 crore from Rs 271 crore in the corresponding quarter of previous fiscal. Earnings before interest, taxes, depreciation, and amortization (Ebitda), meanwhile, grew 56 per cent year on year (YoY) at Rs 2,041, while margins improved 300 basis points (bps) to 11.4 per cent during the quarter.

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