Motherson Sumi Systems in spotlight after acquisition

Motherson Sumi Systems (MSSL), through its step-down subsidiary Samvardhana Motherson Automotive Systems Group B.V. (SMRP BV), announced the proposed acquisition of Reydel Automotive Group (Reydel), a privately held portfolio company of Cerberus Capital Management, L.P. (Cerberus) that manufactures interior components and modules for global automotive customers. The purchase price for the transaction is $201 million. The announcement was made after market hours yesterday, 2 April 2018.

Neuland Laboratories said that its board will meet on 9 April 2018, to consider a proposal for raising funds by way of issuance of equity shares or equity linked securities such as warrants or convertible securities including but not limited to through preferential issue and/or qualified institutions placement or through any other permissible mode and/or combination thereof as may be considered appropriate, subject to approvals as may be required including approval of the shareholders at a general meeting or through postal ballot and the same would be subject to such other regulatory/statutory approvals as may be applicable. The announcement was made after market hours yesterday, 2 April 2018.

Akzo Nobel India announced that divestment of the company's specialty chemicals business to Akzo Nobel Chemicals India has been completed with effect from close of business on 31 March 2018. The announcement was made after market hours yesterday, 2 April 2018.

Saregama India announced that it has appointed Agility Logistics as a service provider for services including warehousing, inventory management, billing and transportation of its products Carvaan and Carvaan Mini from their godown located at Bhiwandi, Maharashtra. On Monday, 2 April 2018, morning there was fire in this godown damaging stocks of Saregama, while the quantum of damages is still getting assessed, it is expected that there will be no financial loss on account of stock loss in view of adequate insurance cover. The announcement was made after market hours yesterday, 2 April 2018.

Galaxy Surfactants announced that it has five manufacturing facilities in India, one located at Taloja (Maharashtra), three located at Tarapur (Maharashtra) and one located at Jhagadia (Gujarat). Of the facilities at Tarapur, two of the facilities viz. M3 & N46, have undergone US Food and Drug Administration (USFDA) inspection, which was concluded on 30 March 2018. These facilities manufacture two products viz. Octyl Methoxy Cinnamate and Octocrylene which have USP Monograph. The announcement was made after market hours yesterday, 2 April 2018.

This is the first USFDA Inspection of the company's facility and it have been issued Form-483 with observations. M3 plant received four and N46 plant received Nine observations. All the observations are procedural in nature and none of them were related to any data integrity. The firm is in the midst of providing a comprehensive response to the observations and would be replying to the USFDA within the stipulated time. The revenue from the US market for these 2 products is less than 1% of the company's consolidated revenues and it does not expect any financial impact.

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