Samvardhana Motherson Automotive Techniques Group BV (SMRPBV) on Sunday stated it has inked a pact to amass Germany-based SAS Autosystemtechnik GmbH at an enterprise worth of 540 million euros (round Rs 4,790 crore).

The corporate, a unit of Samvardhana Motherson Worldwide Ltd (SAMIL), has entered into an settlement with FORVIA Group agency Faurecia to amass SAS Autosystemtechnik.

“The enterprise worth of the enterprise is Euro 540 million and the transaction shall be funded by a mixture of debt and inside accruals,” SMRPBV stated in a press release. The transaction stays topic to data or session with worker representatives, it added.

Completion of the envisaged transaction shall be topic to customary regulatory approvals and is predicted by the second quarter of FY24, the corporate stated.

“We now have all the time added new merchandise and applied sciences to intently serve our prospects in a extra cohesive manner. The acquisition of SAS is a vital step on this path,” Motherson Chairman Vivek Chaand Sehgal famous.

With this acquisition, the corporate shall be much more diversified within the buyer base and merchandise, he added.

“This acquisition will remodel Motherson Group to be a number one assembler of cockpits modules globally, with a particular concentrate on EV fashions. We stay up for welcoming over 5,000 new members into the Motherson household,” Sehgal stated.

SAS provides meeting and testing options throughout the automotive worth chain. It has 24 services throughout 12 international locations (Argentina, Brazil, China, Czech Republic, France, Germany, Mexico, Portugal, Slovakia, Spain, Turkey, and the US). The corporate’s gross revenues on a principal foundation had been Euro 4.4 billion and web income (IFRS) of Euro 896 million for the 12 months ended thirty first Dec 2022.