Global automotive supplier, Motherson Sumi Systems (MSSL) through its subsidiary Samvardhana Motherson Automotive Systems Group BV (SMRPBV) has received a significant set of orders for the supply of a range of exterior and interior systems for several future Mercedes-Benz vehicle generations.
MSSL estimates these orders to generate sales revenues of approximately Rs 154 billion (Euro 2.2 billion) over its lifetime and expected to commence from calendar year 2018.
To support Daimler's expansion activities, MSSL will invest in 2 new plants, one each in the USA and Hungary which will enable SMRP BV to be closer to Daimler's vehicle assembly plants, along with capacity expansion in existing plants in Germany as well as new machines, tools and product development efforts.
Vivek Chaand Sehgal, chairman (MSSL) said 'While we can't give any specific details about these orders, But we can state that the preparatory work for the establishment of the two new plants has already begun. We are eager to start producing products matching Motherson's global quality in these two plants.'
Shares of the company gained Rs 17.55, or 3.78%, to trade at Rs 481.55. The total volume of shares traded was 46,657 at the BSE (9.20 a.m., Wednesday).