Indian billionaire buys majority of Turkish company


KERIM ÜLKER

Political tensions between India and Turkey does not recognize the many obstacles in the economy. Indians engaged in a giant new acquisitions in Turkey have been added. Samvardhana Motherson Reflectec, one of India’s largest automotive supply industry companies with 114,000 employees, acquired the majority stake in Plast Met. The Indian company will pay 21.8 million Euros, or approximately 200 million liras, for a 75 percent share of the mold and lighting manufacturer Plast Met Group. In 2019 sales of EUR 33.4 million taken by the Indians who Plast Met 1.4 million units will be added to the company’s annual vehicle market in Turkey.

voicing Agreement completed within 3 months Motherson Group Chairman Vivek Chaand Sehgal, “Turkey, the annual production capacity of 1.4 million units of passenger vehicles and a strategic growth market for Motherson with long-term growth potential. Motherson Sumi, so Turkey will play an important role as a platform serving customers in Europe, “he said.

He has $ 5.5 billion of fortune

Noting that the Motherson Group, founded in 1986, has made 24 acquisitions so far, Vivek Chaand Sehgal, Chairman of the Board, said, “This is the 25th acquisition of the Motherson Group. Turkey will be the 42nd country in Motherson global operations. The revenues of our company within the scope of the Vision 2025 plan will triple from $ 12 billion to $ 36 billion in 4 years, ”he said. Vivek Chaand Sehgal, the company’s Chairman of the Board, has a fortune of $ 5.5 billion according to 2019 data.

Has 400 employees

Founded in 1987, Plast Met established the molding company in 2002. Plast Met, which produces 6 million pieces per month in its facilities in Istanbul and Bursa, has 400 employees. The company exports to more than 10 countries on 4 continents from Brazil to Mexico, Russia to China.


Source: Dünya Gazetesi by www.dunya.com.

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