Motherson Sumi to buy out partners' stake in JV

Auto component maker Motherson Sumi Systems said today it will acquire the stake of its partner Wilhelm Pudenz and Wickmann Werke in the joint venture firm Motherson Pudenz Wickmann.     

The board has approved the purchase of shareholding held by Germany-based Wilhelm Pudenz and Wickmann Werke in Motherson Pundenz Wickmann, Motherson Sumi said in a filing to the Bombay Stock Exchange.     

Motherson Pudenz Wickmann (MPWL) is a joint venture between Germany's Wickmann Werke GmbH and Motherson Sumi Systems.     
After the deal, MPWL would become the wholly-owned subsidiary of Motherson Sumi Systems, it added.     

Shares of Motherson Sumi Systems were trading at Rs 77.50 on BSE, up 2.92 per cent over the previous close.