Mumbai: Auto component maker Motherson Sumi Systems on Tuesday said it will acquire the stake of its partner Wilhelm Pudenz and Wickmann Werke in the joint venture firm Motherson Pudenz Wickmann Ltd.
The board has approved the purchase of shareholding held by the Germany-based Wilhelm Pudenz and Wickmann Werke in Motherson Pundenz Wickmann, the auto parts maker said in a filing to the Bombay Stock Exchange.
Motherson Pudenz Wickmann (MPWL) is a JV between Germany’s Wickmann Werke GmbH and Motherson Sumi Systems.
After the deal, MPWL would become the wholly-owned subsidiary of Motherson Sumi Systems, it added.
Shares of Motherson Sumi Systems were trading at Rs77.50 on BSE, up 2.92% over the previous close.