Auto parts maker Motherson Sumi Systems to buy 80% stake in Germany's Peguform Group from Cross Industries

Auto parts maker Motherson Sumi Systems (MSSL) on Wednesday said it plans to acquire an 80% stake in Germany's Peguform Group from Cross Industries for an undisclosed amount.

The world's largest producer of rear view mirrors for passenger cars is expected to close the deal in 2-3 months and will fund it through debt from Indian lenders, said VC Sehgal, vice-chairman, Motherson Group.

Austrian automotive group Cross Industries will continue to hold the balance 20%. Investment bankers peg the valuation for an 80% stake at $500 million (Rs.2,229 crore).

Source: Economic Times