"This acquisition will position Motherson Group as a global leader in cockpit module assembly, with a particular emphasis on electric vehicle (EV) models," stated Vivek Chaand Sehgal, chairman of SAMIL.

The EV business accounts for roughly half of SAS's total net revenues. It produces cockpit modules and other components for EVs manufactured by European automakers such as Volkswagen, koda Auto, Mercedes-Benz, Porsche, Audi, and Chrysler.

SAS generates over 60% of its revenue in Europe, 31% in the Americas, and 9% in China.

SAS' acquisition, which requires approval from the European Commission as well as merger control agencies in China, Brazil, Mexico, and the United States, is scheduled to close between July and September of this year, according to SAMIL.

SAS employs over 5,000 workers across 12 countries in 24 manufacturing facilities.

"The company's enterprise value is €540 million. The deal will be financed through a combination of loans and internal accruals. "The deal is still subject to information or consultation with employee representatives," stated SAMIL.