Indian auto parts maker Samvardhana Motherson International (SMIL) said on Tuesday it will buy a majority stake in Japan-based auto-part maker Yachiyo Industry's four-wheeler business from Honda Motor Co to expand its product range.
The transaction is valued at 22.9 billion Japanese yen for a 100% stake in Yachiyo, SMIL said.
SMIL will acquire an 81% stake in Yachiyo's four-wheeler business, while Honda will have a 19% stake.The acquisition will provide SMIL access to research and development capabilities and foray into the global sunroof market and also pursue other partnerships with Honda, the Bengaluru-based company said in a statement.
Yachiyo's four-wheeler business employs about 3,200 people in manufacturing, research and development centers across eight countries including the U.S., Brazil, Mexico, China, Japan, Thailand, Indonesia and India, SMIL said.
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