Acquisitions Drive Growth for India’s Motherson Sumi

India's Motherson Sumi Systems Ltd. aims to triple sales to $18 billion by early 2020 from its volume in the fiscal year ended last March, The Nikkei reports. The company is part of the Samvardhana Motherson Group.

The Noida-based supplier, a part of the Motherson Sumi Group, was created in 1986 as a joint venture with Japan's Sumitomo Wiring Systems Ltd. MSSL currently controls two-thirds of India's wiring harness market.

The company has since acquired a dozen foreign parts makers. Its products include molded plastic components, extruded rubber items, precision-machined metal parts, interior trim, bumpers and exterior front-end modules. The Nikkei says the company now generates about 85% of its revenue outside India.

MSSL entered the rearview mirror market in 2009 when it acquired the mirror business of U.K.-based Visiocorp Group for $25 million. It doubled sales in 2011-2012 by buying Peguform, the German plastics molder.

The company also has 25 joint ventures worldwide. MSSL operates manufacturing plants in India, Mexico, Sri Lanka, Thailand, the United Arab Emirates and the U.K. It has engineering and technical support facilities in England, Germany, Ireland, Italy, Japan, the U.K. and the U.S.