Pricol exits joint venture with Denso
Coimbatore-based Pricol Ltd, one of South India’s leading auto component players, has sold its 49 percent stake in joint venture with Denso Corporation to the Japanese company.
Coimbatore-based Pricol Ltd, one of South India’s leading auto component players, has sold its 49 percent stake in joint venture with Denso Corporation to the Japanese company.
In a statement, Pricol informed the Bombay Stock Exchange (BSE) that as per the share purchase and joint venture JV termination agreement between Denso Corporation, Japan and Pricol, the Indian company has sold its equity in Denso Pricol India for a consideration of Rs 20 crore.
Subsequent to the aforesaid sale, Denso Pricol India has become a wholly owned subsidiary company of Denso Corporation, Japan.
In December 2014, Pricol acquired a Brazilian-based auto component manufacturing company. The buyout had constituted the company’s second manufacturing footprint outside India. It already has one manufacturing plant in Indonesia which caters to key customers in South East Asian countries.
Pricol which operates in four business areas – driver information systems (DIS), powertrain products (PTP) sensors and switches and fleet management systems (FMS) – is a key supplier of instrument clusters to a number of two-wheelers OEMs in India. The company has two plants in Coimbatore, one plant each in Pune and Manesar and two plants in Pantnagar, Uttarakhand.
RELATED ARTICLES
Bosch hydrogen engine tech-powered truck to be on Indian roads this year
The global supplier of technology and services is betting big on both electromobility and hydrogen. While announcing the...
IIT Bombay inaugurates Arun Firodia Research Floor
IIT Bombay, one of India’s top technical and research institutions, honours Kinetic Group chairman Dr Arun Firodia, one ...
Maruti Suzuki expands capacity at Manesar plant by additional 100,000 units
New assembly line at Plant A expands total manufacturing capacity at the Manesar plants to 900,000 units per annum. Alon...