Auto components major Motherson Sumi Systems Ltd (MSSL) on Friday said its public shareholders have voted in favour of its proposed group restructuring under which it will demerge its domestic wiring harness (DWH) business into a new company that will eventually be listed. As part of the restructuring which was announced in July last year, after the demerger of DWH, group firm Samvardhana Motherson International Ltd (SAMIL) is to be merged into MSSL to consolidate 100 per cent shareholding in Samvardhana Motherson Automotive Systems Group BV (SMRP BV) as well as to bring all auto component and allied businesses in SAMIL under MSSL.
Auto components major Motherson Sumi Systems on Friday reported a nearly four-fold jump in consolidated net profit from continuing and discontinued operations at Rs 1,268.31 crore in the third quarter