Indian auto major Motherson Sumi System Ltd (MSSL) it has successfully accomplished the objective of the Finnish wiring and harness major dealer PKC Group. The project included the fund of Rs 4,150 crore, which will be directly invested in the railway sector.
Pankaj Mital, chief operating officer, MSSL, said, "This acquisition will give us presence for the first time in the rolling stocks segment. PKC has clients internationally, who are interested in the modernisation program of the Indian railways. It opens up opportunities to venture into space in future."
MSSL's chief financial officer GN Gauba said in a statement, "The wiring harness business registered revenues of around €800-900 million in the last financial year. The turnover from this segment will more than double post the completion of this acquisition."
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