Samvardhana Motherson International said that the board of its subsidiary SMRC Automotive Holdings Netherlands B.V. has approved to execute a joint venture (JV) agreement with Hamakyorex Co., Japan.
Motherson and Hamakyorex have an existing strategic partnership with both parties having 50% shareholding each. This was established in 2019 and is engaged in the business of finished vehicle logistics in India.
On the back of the ongoing successful partnership in India both parties have decided to enter into another partnership.
The JV entity is being setup to conduct comprehensive logistics operations and provide a range of related services, including third-party logistics (3PL), warehousing, packaging, and import/export (EXIM) solutions, to various industries in Japan or other locations as mutually agreed between the parties.
Mothersons share in the JV would be 51% while the remaining 49% would be held by Hamakyorex.
Samvardhana Motherson International is the flagship company of the Samvardhana Motherson group.
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The companys consolidated net profit of Rs 994.17 crore in Q1 FY25, jumped 65.45% as against Rs 600.87 crore posted in Q1 FY24. Total revenue from operations increased 28.51% YoY to Rs 28,867.96 crore during the June 2024 quarter.
The scrip rose 0.34% to currently trade at Rs 191.20 on the BSE.
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