Saturday, 30 July 2011

Motherson Sumi ties up 80 mn euros for German buy

Indian auto parts makerMotherson Sumi Systems has tied up 80 million euros in overseas debt to fund buy of a majority stake in Germany's Peguform Group, a top executive said. 

The fund will be used to finance the acquisition and other expansion plans, G.N. Gauba, chief financial officer, told Reuters over telephone.ICICI Bank was the lead arranger. 

Motherson Sumi, the world's largest maker of rear view mirrors, said earlier this month its deal to buy a majority stake in Germany'sPeguform Group was valued at 141.5 million euros with the firm's share being 72.17 million euros.


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