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Pricol signs agreement to acquire wiping business of PMP Auto

Press Trust of India  |  New Delhi 

Auto components maker 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 would be undertaken by through its wholly-owned subsidiaries and the 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

Commenting on the deal, Managing Director Vikram Mohan said: "With manufacturing presence in Czech Republic and Mexico, this fits in perfectly with our ongoing plans to establish presence in these regions."

The would help diversify its product offerings and provide access to manufacturing facilities in and North America, where it does not have a presence.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 13 2017. 19:48 IST