Motherson Sumi Systems said on Tuesday the company has signed an agreement to acquire the wiring harness business of Stoneridge through asset purchase at transaction value of USD 65.7 million.

This acquisition is expected to close in the third quarter of 2014, subject to customary closing conditions. The acquired business has a turnover of approx. USD 300 Million.

The transaction includes six manufacturing facilities located in Portland, Indiana; Chihuahua, Mexico; Saltillo Mexico; and Monclova, Mexico; as well as an engineering and administrative center located in Warren, Ohio.

It supplies wiring harness and assembled Instrument Panels Principally to the commercial vehicles, agriculture equipment, material handling equipment and off-highway vehicle segments.

Shares of the company gained Rs 10.95, or 3.88%, to trade at Rs 293.45. The total volume of shares traded was 117,086 at the BSE (9.49 a.m., Tuesday).