Samvardhana Motherson International Limited has submitted with exchange regarding approval for execution of new Joint Venture at its meeting held on June 19, 2025
Awaiting price reaction for this filing.
Samvardhana Motherson International Limited (SAMIL) announced its board has approved a Joint Venture Agreement with Egtronics Co. Ltd., a South Korean company listed on KOSDAQ. The JV will operate through SAMIL's Wiring Harness Division and focus on designing, manufacturing, and selling vehicle power electronics for clean mobility (EV and Hydrogen) in the commercial vehicle segment. The product portfolio includes DC-DC Converters, Auxiliary Inverters, Traction Inverters, On-board Chargers, and Power Distribution Units (PDUs). SAMIL will hold 51% and Egtronics 49% in the new JV company, which will be incorporated in India with manufacturing operations in India and global sales rights (excluding South Korea). The JV will be consolidated by SAMIL, with SAMIL appointing 3 of the 5 directors. The initial paid-up capital is ₹5 lakh (50,000 shares of ₹10 each), to be scaled up as needed.
This strategic JV adds patented power electronics technology to SAMIL's portfolio, strengthening its position in the fast-growing commercial vehicle EV and hydrogen mobility space. The deal is likely to be viewed positively by the market as it expands SAMIL's clean-mobility offerings beyond wiring harnesses and taps into global markets through a technology partnership with a Korean player.