Samvardhana Motherson International Limited (SMIL) (formerly Motherson Sumi Systems Limited) announced it has acquired additional 30% stake in Youngshin Motherson Auto Tech Limited (YMAT).
According to the company’s exchange filing, “The Board of Directors of Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited) (the “Company”) at their meeting held on April 17, 2023 approved to acquire additional 30% stake of Youngshin Motherson Auto Tech Limited (“YMAT”) from Youngshin Components Co. Ltd., Korea subject to satisfactory completion of conditions precedent.”
Post completion of the transaction, SMIL will hold 80% of equity share capital of YMAT and accordingly YMAT will become subsidiary of the Company, a statement said.
Youngshin Motherson Auto Tech Limited (YMAT) is engaged in manufacturing & assembling of auto clutch products. This is a powertrain agnostic product used in the HVAC assembly of passenger vehicles.
YMAT is a joint venture in India between Samvardhana Motherson International limited (“SAMIL”) and Youngshin Components Co. Ltd., Korea (“JV Partner”) from 2017 onwards with a 50-50 shareholding structure.
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