Auto components maker Pricol Ltd today said it has signed an agreement to acquire 100 per cent of the wiping system business of PMP Auto Components, an Ashok Piramal Group company.
The acquisition would be undertaken by Pricol through its wholly-owned subsidiaries and the transaction will be funded by a combination of internal accruals and external debt, the company said in a statement.
PMP supplies wiper motors to global auto companies including Volkswagen, Skoda and Audi and has a turnover of Rs 250 crore. It presently has manufacturing facilities in Czech Republic, Mexico and India.
Commenting on the deal, Pricol Managing Director Vikram Mohan said: "With manufacturing presence in Czech Republic and Mexico, this acquisition fits in perfectly with our ongoing plans to establish presence in these regions."
The acquisition would help Pricol diversify its product offerings and provide access to manufacturing facilities in Europe and North America, where it does not have a presence.