Motherson in race for Marelli Holdings' restructuring: Report

Samvardhana Motherson Group participated in the first round of bidding that Marelli Holdings held at the end of March as the latter has chosen a company to support its managerial restructuring, Japanese news agency Nikkei reported on Tuesday. 

Motherson has partnered with US investment fund KKR to negotiate with Marelli on the terms and conditions of support ahead of the second round of bidding, set for mid-April. KKR is also Marelli's parent company.

A spokesperson at Motherson Sumi declined to comment. India's largest auto component firm that has made 27 acquisitions in the last decade and half is looking to buy out many more distressed  companies  globally,  the company's top management said in a recent press meet in Mumbai. 

"There won't be any distressed companies anywhere in the world that Motherson will not look at," said a person familiar with the company's plans. He declined to specify if the manufacturer of wiring harnesses and host of other critical components is in the race for Marelli.  

Motherson teamed up with KKR in the first round of bidding. Several other players, including funds from Japan and elsewhere, also appear to have made bids. By the second round, each bidder will have conducted its due diligence on Marelli and will be ready to negotiate the terms of its support, including restructuring measures.