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Motherson Sumi Buys German Parts Maker
Motherson Sumi's takeover of a 80 per cent stake in Peguform is being valued at $500 million or RS.2,229 crores. Motherson Sumi Vice-Chairman VC Sehgal said the company would raise the required capital from Indian lenders. Austrian automotive group Cross Industries will continue to hold the balance 20 per cent.
The Delhi-based joint venture between Motherson group and Japanese major Sumitomo is hoping the deal will boost its auto parts business. Peguform sells plastic components for vehicle exteriors, dash boards and bumper systems to European carmakers such as Volkswagen and BMW .
Speaking about Peguform, Mr Sehgal said: "Peguform complements our polymer product range in India, making us one of the largest players globally." Motherson Sumi was founded by VC Sehgal in 1977 and it established a joint venture with Japanese parts major Sumitomo in 1983. The joint venture has now presence in 23 countries with 100 manufacturing facilities.
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