Friday, Mar 29 2024 | Time 01:03 Hrs(IST)
image
Business Economy


MSSL acquires Finnish auto component giant PKC Group Plc for Euro 571mn

New Delhi, Mar 27 (UNI) Motherson Sumi Systems Ltd (MSSL) today said it has acquired Finland based global auto component major PKC Group Plc for approximately Euro 571 million.
The move would help Vivek Chaand Sehgal led group to expand its footprint significantly in American and European commercial vehicle market segment.
Announcing the deal closure, MSSL’s Chairman Vivek Chaand Sehgal, said, “We are very happy to announce that we have successfully acquired 93.75 per cent shareholding in PKC Group which has significant market presence in the American and European markets with major growth plans in China. This is in sync with our declared policy of focusing on these markets to create enhanced value for all our stakeholders including investors.”
“MSSL has always believed in both organic and inorganic growth and has seen an average annualized growth of 40 per cent over the last ten years. We wish to thank all our shareholders for being part of the growth story of the company owned by them. I see tremendous growth potential ahead and we will continue to work towards becoming a globally preferred solutions provider for the transportation industry,” added Mr Sehgal.
This is the 16th acquisition by MSSL since 2002.
UNI ASH SHK 1857
More News
India's core sector output rises to three-month high of 6 7 pc in February

India's core sector output rises to three-month high of 6 7 pc in February

28 Mar 2024 | 7:51 PM

New Delhi, Mar 28 (UNI) Driven primarily by coal, cement and crude oil production, India's core sector comprising of eight key infrastructure components grew 6.7% year-on-year in February 2024, as per data released by Ministry of Commerce and Industry on Thursday.

see more..

Honda Motorcycle & Scooter India achieves historic 6 cr domestic sales milestone

28 Mar 2024 | 7:19 PM

Mumbai, Mar 28 (UNI) Honda Motorcycle & Scooter India (HMSI) announced on Thursday that it has accomplished a historic achievement of 6 crore domestic sales in India. Honda ventured into the Indian market with its first two-wheeler, the Activa, in 2001.

see more..

28 Mar 2024 | 5:28 PM

UNI NK AKS.

see more..
Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

Luminous enters solar panel mfg; 250 MW facility launched with initial investment of Rs 120 cr

28 Mar 2024 | 5:16 PM

Rudrapur, Mar 28 (UNI) From power Back-up solutions to Batteries and Solar applications, Luminous Power Technologies on Thursday announced the launch of its state-of-the-art solar panel manufacturing facility here.

see more..

Kottayam-Kochi Rubber Market rates

28 Mar 2024 | 5:04 PM

Kottayam, Mar 28 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Thursday per quintal.

see more..
image