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Indian auto component manufacturer Samvardhana Motherson International Ltd (SAMIL) and Ministry of Investment, Saudi Arabia (MISA), have signed a Memorandum of Understanding (MoU) to identify investment development opportunities for industrial and service activities in the Kingdom.
SAMIL is one of the world’s leading specialised automotive component manufacturing companies for OEMs.
SAMIL said in a stock exchange statement last month (25 August) that the MoU encourages joint cooperation in the development of automotive parts industry in the Kingdom and investments in other industrial sectors as well.
It said MISA will provide necessary support to Motherson to identify potential areas of investments in Saudi Arabia.
(Writing by Anoop Menon; Editing by Bhaskar Raj)
