Motherson Sumi to invest $80 mn in acquired business

Motherson Sumi to invest $80 mn in acquired business
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First Published: Mon, Mar 16 2009. 10 13 PM IST
Updated: Mon, Mar 16 2009. 10 13 PM IST
New Delhi: Motherson Sumi Group will invest $80 million into the recently acquired rearview mirror business over one year, using the money for restructuring, tooling and for working capital requirements, an official said on Monday. Motherson Sumi Systems Ltd will invest $15 million, while $50 million will be raised in debt by Visiocorp, Laksh Vaaman Sehgal, chief executive officer, Samvardhana Motherson Visiocorp Solutions Ltd told reporters.
The balance $15 million will be invested by Motherson Sumi’s joint venture partner, which is also part of the group.
Samvardhana Motherson is a part of Motherson Sumi group.
“We look at complete restructuring of the company in one year’s time,” Sehgal said, “we are looking to close one plant as well in Germany.”
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First Published: Mon, Mar 16 2009. 10 13 PM IST