Months after Minda Corporation announced making a 15.7% acquisition of rival Pricol from the open market at an aggregate value of Rs 400 crore, it has now decided to approach the Competition Commission of India (CCI) for upping its stake to 24.5%. 

Minda Corporation, in a regulatory filing on Tuesday, said that its Board of Directors, in its meeting held on May 1, 2023, decided to file an application to CCI "for making an investment in equity shares of Pricol up to 24.5% of total equity shares of Pricol, at this stage." 

Minda Corparation, the flagship arm of Spark Minda, stated in February that the acquisition was merely a financial investment, although many in the automotive industry regarded it as a hostile takeover attempt. 

Vikram Mohan,  Pricol's Managing Director and representative of the promoter group, then reiterated that the promoters have absolutely no intent of undertaking any secondary sale, nor does the company have any intent to raise equity capital of any form, as the company has strong financial fundamentals and healthy cash profits that will meet the needs of capital for its future growth.

"The promoters and the management stand committed to its stakeholders and are bullish about the growth prospects of the organization combined with a firm financial footing," Mohan said in a statement. Mohan, during an analyst call in February, further stated that  Minda Corp. had approached them multiple times in the past as well as in the past 5–6 quarters, requesting the possibility of collaborating; a charge denied by Minda Corp.