SAMIL gains on acquisitions in aerospace, health and medical businesses
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The aerospace division of Motherson is building its capabilities in a phased and strategic manner
Shares of Samvardhana Motherson International Limited gained more than 2 percent in the early trade on October 23 after the auto ancillary company announced a series of acquisitions in the aerospace, health and medical space to strengthen its non-automotive business.
The board of directors of the company approved acquiring a 100 percent stake of Samvardhana Motherson Adsys Tech Limited from Motherson Auto Limited. After the transaction, Samvardhana Motherson Adsys Tech Limited will become a wholly-owned subsidiary of the company, the auto ancillary said in a regulatory filing on October 20.
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Samvardhana Motherson Adsys Tech is engaged in the business of manufacturing and sale of Electric Wiring and Interconnect Systems (EWIS) for customers engaged in aerospace and advanced systems.
SAMIL has also entered into an agreement to acquire a 100 percent stake in SSCP Aero Topco SAS, which makes components for aircraft engines and medical devices.
The board also approved the acquisition of a 73.05 percent stake in Irillic Private Limited through a combination of primary infusion and secondary acquisition. After the transaction, Irillic will become a subsidiary of the company.
Irillic is involved in the design, development, manufacturing, and distribution of real-time fluorescence imaging and 4K laparoscopy
imaging systems for medical devices.
“The aerospace division of Motherson is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace OEMs,” the management said in a press release.
On its foray into healthcare, it said that the capability is highly scalable and can be utilised to cater to emerging applications prosthetics, orthopaedic equipment, etc in addition to other applications in radiology.
At 10.08 am, the stock was trading at Rs 93 on the National Stock Exchange, down 0.32 percent.
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