Sundaram-Clayton Ltd. (SCL) announced that it had additionally acquired 50.05% stake in Sundaram Holding USA Inc. (SHUI) from Sundaram Auto Components Ltd. (SACL).
Consequent to the above acquisition, SCL’s holding in SHUI increased to 100% and subsequently SHUI’s subsidiaries in USA – Green Hills Land Holding LLC, Component Equipment Leasing LLC, Sundaram-Clayton USA LLC and Premier Land Holding LLC, have also become subsidiaries of SCL, the firm said in a regulatory filing.
In a related move, TVS Motor Company said that it had obtained shareholders’ approval through postal ballot on September 6, to dispose of the entire shareholding held through SACL in SHUI to SCL for a total sum of ₹317 crore.
