Samvardhana Motherson International Ltd. on Friday announced that it was acquiring a majority stake in Saddles International Automotive and Aviation Interiors Pvt. Ltd. (SIAAIPL) for Rs 207 crore.

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The company informed the bourses that its board approved the acquisition of a 51 percent stake in the premium upholstery manufacturer.

The target company is engaged in the manufacturing of premium upholstery for applications, including seat covers for passenger vehicles, wrapping of door panels, and gear knob covers, among others.

The deal will allow Samvardhana Motherson to enter the upholstery space, thereby expanding the reach of its current business, in line with the company’s vision of increasing ‘content per car’.

The deal will take place through a cash transaction and is likely to close within a time period of 3-4 months from the signing date.

Bengaluru-based SIAAIPL was incorporated in 2019 and had a turnover of Rs 320 crore in the financial year 2022. It has a total of seven manufacturing facilities across the country.

Shares of Samvardhana Motherson are trading at Rs 71.10 a piece, down 2.13 percent.

Also Read: Samvardhana Motherson: 1.6% equity change hands in block deal

(Edited by : Rukmani Krishna)

First Published:Jan 27, 2023 1:54 PM IST