Motherson Sumi Wiring India Ltd shares (MSWIL) were listed on the stock exchanges on Monday, with the stock closing down 5% from its listing price of £62.70 a share on the BSE. MSWIL was formed after Motherson Sumi Systems Ltd.’s domestic wire harness business. (MSSL) has been disconnected. “This move confirms Motherson Sumi Wiring India Ltd. as a domestic wire harness company well-equipped to meet the current and future needs of its customers in India,” the company said in a statement. The spin-off took effect on January 5 of this year. Motherson Sumi Wiring India Ltd. descended from Motherson Sumi Systems Ltd (33.4% stake) and Sumitomo Wiring Systems, Ltd., Japan (25.3% stake). The company is focused on the wire harness business in India and has built internal strengths through continued localization, it said. The company has a product profile that benefits from industry trends such as more features and electronic content per car, changes in emissions standards and emerging trends toward alternative powertrains and electrification, the company said. Vivek Chaand Sehgal, Chairman of Motherson Sumi Wiring India Ltd. said: “Our wire harness business in India is the foundation on which the group has been built over the years and Motherson Sumi Wiring India will continue to strengthen the capabilities.” With the listing and trading of MSWIL shares, the restructuring of the group initiated in July 2020 is now complete and Motherson now has two listed companies,” he added. He said Motherson Gtoup will grow through acquisitions based on the needs of its customers. “During the pandemic, we made five acquisitions. Now we will acquire some medium to large companies. So far, all of our 29 acquisitions have gone well,” said Mr. Sehgal. He added that group companies have significantly reduced their debt and can borrow for organic and inorganic growth.
