Motherson Sumi to set up $10 mln cellphone venture

Newswire

MUMBAI, Jan 27 (Reuters) - Indian auto parts maker Motherson Sumi Systems Ltd. said on Friday it would set up a joint venture with Baida AG to make mobile phone parts and accessories, with an investment of $10 million. The joint venture, in which Motherson will own 40 percent, is expected to have revenues of $18 million in the year 2006/07, Motherson said in a statement. The plant will be located in the southern Indian city of Chennai. Shares in Motherson jumped nearly 5 percent to 84 ...

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