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03-Apr2018

Motherson Sumi Systems, KIOCL and Escorts to see some action today

Motherson Sumi Systems (MSSL) through its step down subsidiary Samvardhana Motherson Automotive Systems Group B.V. (SMRP BV) has executed the transaction documents for the proposed acquisition of Reydel Automotive Group (Reydel), a privately held portfolio company of Cerberus Capital Management, L.P. (Cerberus) that manufactures interior components and modules for global automotive customers. The purchase price for the transaction is $201 million. This would be the 21st acquisition from the Samvardhana Motherson Group and is intended to further bolster Motherson's offerings in the automotive Interiors space.

KIOCL has produced 2.32 million tons (MT) of pellets and dispatched 2.30 MT against the MOU target of 1.925 MT under excellent category. For the first time with bought out ore, the company has exported 1.45 MT and also entered into markets of Japan, South Korea etc. The company has processed different types of ores and tuned the pellet plant to process any type of ore made available for production.

Escorts has sold its entire shareholding i.e. 30,00,000 equity shares (30%) in Escorts Asset Management (now Quant Money Managers). Accordingly, the said entity has been ceased as a subsidiary of the Escorts with immediate effect. Besides, Escorts Agri Machinery Segment (EAM) in March 2018 sold 11,790 tractors up by 66.5% as against 7,079 tractors in March 2017. The domestic sales for the month of March 2018 stood at 11,557 up by 64.8% as against 7,014 tractors in March 2017. Exports sales in March 2018 stood at 233 tractors up by 258.5% as against 65 tractors in March 2017.

Steel Strips Wheels (SSWL) has achieved total wheel rim sales of 13.24 lakh in March 2018 compared to 12.68 lakh representing a growth of 5% Y-o-Y. This is the highest volume sales by the company ever. The robust growth in March was purely on account broad based growth on truck and tractor segment. In terms of value, the company has achieved gross turnover of Rs 218.63 crore in March 2018 compared to Rs 143.45 crore in March 2017, there by recording a growth of 52% and achieved net turnover of Rs 169.05 crore in March 2018 compared to Rs 126.55 crore in March 2017, recording a growth of 34%.

VST Tillers Tractors has reported sales of Power Tillers and Tractors for the month of March 2018. The company has sold 5,591 units of Power Tillers, while the Tractors sales of the company stood at 1,808 units for the month ended March 2018. VST Tillers Tractors was incorporated in technical collaboration and joint venture with Mitsubishi Heavy Industries and Mitsubishi Corporation, Japan for the manufacture of Power Tillers and Diesel Engines.

Camlin Fine Sciences has entered into a joint venture (JV) agreement with Pahang Pharma (S), a company duly incorporated under the laws of Singapore. The proposed term of the joint venture is 30 years with investment in holding company in the proportion of 51% by the company and 49% by Pahang Pharma (S).



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