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Updated : Sep 16, 2024, 04:38 PM IST
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Indian businessmen have been expanding their businesses not just in India, but abroad. They explore new opportunities in different sectors and acquire a stake in other companies which have the potential to grow. Now, one such Indian person has announced to acquire an 11 per cent stake in Israel's REE Automotive Ltd. His name is Vivek Chaand Sehgal, founder of Motherson Group which owns Samvardhana Motherson International Ltd (SAMIL).
His Samvardhana Motherson, which is an auto components major, will acquire an 11 per cent stake in REE Automotive for up to USD 15 million, which is around Rs 125 crore. The company will subscribe up to 36,39,010 Class A ordinary shares of REE Automotive Ltd, an automotive technology company engaged in the design, development and integration of various vehicle components into a module and complete modular platform specifically for commercial electric vehicles.
As part of the transaction, SAMIL will also be entering into a supply chain management agreement with REE to accelerate its industrialisation in a mutually beneficial commercial construct, the company added.
Moreover, Samvardhana Motherson was founded by Seghal with his mother as a silver trading outfit, hence the name Motherson. His son Laksh Vaaman Sehgal is a director on the board of both Samvardhana Motherson International. Sehgal has a real-time net worth of Rs 66262 crore, as per Forbes. He draws the biggest chunk of his wealth from his company.
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