Samvardhana Motherson International Limited (BSE:517334) agreed to acquire 51% stake in Saddles International Automotive &Aviation Interiors Private Limited for INR 2.1 billion on January 27, 2023. The consideration of INR 2.1 billion comprises of Enterprise Value with adjustments for debt, debt like items and working capital to be calculated as on closing date. Saddles International has the turnover for the FY 2021-22 is INR 3.2 billion.

The transaction is approved by the board of Samvardhana Motherson and subject to satisfactory completion of all conditions precedent. The transaction is expected to be closed within a time period of 3-4 months from the date of signing. Ernst & Young Private Limited, Investment Banking Arm acted as financial adviser to Saddles International Automotive & Aviation Interiors Private Limited.

The deal is expected to be completed during 2nd quarter of Financial Year 2023.