According to the filing to the BSE, the company said the board has approved acquiring 39.13 per cent equity stake held by Sumitomo Corporation, Japan and 10 per cent held by Sumitomo Corporation India Pvt Ltd in JJ Impex (Delhi) Pvt Ltd, a company engaged in automobile service and repair business.
The acquisition is worth Rs 21.73 crore (US$ 3.08 million) and no government approval is required, the company said.
MSIL said, “After the acquisition, the company shall become the wholly-owned subsidiary of MSIL. MSIL shall have the right to nominate/ appoint all the Directors on the board of the company. The nominee Directors of Sumitomo Group shall resign from the board of the company.”
Another approval given by board is for supply of another product (derivative model of Vitara Brezza currently being manufactured by the company) to TKM. “This will result in incremental sales for the company,” it said.
The appointment of Mr Maheshwar Sahu as an Independent Director of the MSIL for a period of five years (from May 14, 2020 till May 13, 2025) subject to shareholders’ approval in the ensuing annual general meeting has also received approval from boards.
Mr Sahu is an ex-senior civil servant with over 30 years of leadership experience in Central and State governments.
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