SMP Automotive Systems Alabama Inc., USA (“SMP Alabama”) had submitted a bid for purchase of asset of Bolta US Ltd., USA (“Seller”)

 SMP Automotive Systems Alabama Inc., USA (“SMP Alabama”) had submitted a bid for purchase of asset of Bolta US Ltd., USA (“Seller”). The Seller had filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (the “US Bankruptcy Code”). Seller is engaged in the business of providing injection molding and assembling of components for automotive industry. The United States Bankruptcy Court, Northern District of Alabama, Western Division vide its order dated March 24, 2023 has pronounced selection of bid submitted SMP Alabama and to serve it as the Stalking Horse under US Bankruptcy Code.

 

SMP Alabama is an indirect wholly owned subsidiary of Samvardhana Motherson Automotive Systems Group B.V. (SMRP BV), whereas, SMRP BV is a material wholly owned subsidiary of Samvardhana Motherson International Limited (formerly Motherson Sumi Systems Limited (“the Company”).

 

The implementation of above will be subject to finalization of bid value under auction process, condition precedents attached to the transaction and/or compliance with applicable regulatory requirements and as per final terms approved by United States Bankruptcy Court under US Bankruptcy Code.

 

The Board of Directors of the Company in its meeting held on March 27, 2023, inter-alia, took on record the aforesaid order dated March 24, 2023.