Samvardhana Motherson collaborates with Kingdom of Saudi Arabia to evaluate industrial development opportunities in Saudi Arabia

25 Aug 2022 , 02:45 PM

Samvardhana Motherson International Limited (SAMIL) (Formerly Motherson Sumi Systems) and the Ministry of Investment, Kingdom of Saudi Arabia (MISA) have entered into a Memorandum of Understanding (MoU) to identify investment development opportunities in the Kingdom of Saudi Arabia for industrial and service activities (KSA).

The MoU encourages SAMIL and MISA to work together to grow the automobile components sector in the Kingdom of Saudi Arabia (KSA). Both partners will look for investment opportunities in other industrial areas as well.

The Ministry of Investment, Kingdom of Saudi Arabia (MISA) is in charge of all investment matters in the Kingdom of Saudi Arabia.

“Motherson believes in carving its own path. We are honoured and happy to be collaborating with the Kingdom of Saudi Arabia (KSA). We look forward to establishing an industrial ecosystem for automotive and other sectors in the Kingdom of Saudi Arabia (KSA) with the Ministry of Investment, Kingdom of Saudi Arabia (MISA),” commented Vivek Chaand Sehgal, Chairman, Motherson.

Under the terms of this MoU, MISA will assist Motherson in identifying possible areas of investment in the Kingdom of Saudi Arabia.

At around 2.49 PM, Samvardhana Motherson was trading at Rs125.40 up by 0.36% from its previous closing of Rs124.95 on the BSE.

For feedback and suggestions, write to us at [e-mail]