Samvardhana Motherson International Limited (BSE:517334) agreed to acquire acquire an unknown stake in Irillic Private Limited on October 20, 2023. The combined deal value is of INR 466 million for both primary infusion and secondary acquisition. As of FY 2023, Irillic reported turnover of INR 37.7 million.

The deal has been approved by board of directors of Samvardhana Motherson International Limited. The deal is subject to satisfactory completion of conditions precedent, and is expected to be completed by December 2023. As of December 20, 2023, the Parties have mutually agreed to extend the closing timelines.

Accordingly, it is now expected to be completed by end of February 2024. As of February 29, 2024, the transaction closing is now expected to be completed by Quarter 1 of the financial year 2024-25. Niladri Maulik of AZB & Partners acted as legal advisor to Samvardhana Motherson.