Pricol acquires partner's shares in JV for $3.15 mn

The JV was announced in 2012 to manufacture auto components

Automotive parts and components manufacturer Pricol Ltd has acquired the entire shares held by its partner in the joint venture (JV) Johnson Controls Pricol Pvt Ltd (JCPPL), for a consideration of $3.15 million (around Rs 20 crore).

Pricol today informed in a regulatory filing that as per the termination agreement dated April 15, 2015 between the company and UK-based Johnson Controls Enterprises Ltd, the latter has sold its 50 per cent shareholding in the JV to Pricol Ltd on May 6, 2015.

Subsequent to the acquisition, JCPPL became the wholly owned subsidiary company of Pricol Ltd, it said.

The JV, between Pricol and Jonson Controls, a global player in automotive seating, overhead systems, door and instrument panels, and interior electronics, was announced by the end of March, 2012.

As per the announcement then, Pricol's instrument cluster manufacturing plant in Pune was to become the JV's primary location and it was expected to develop and manufacture instrument clusters, displays and body electronics for both automakers and motorcycle manufacturers that operate businesses in India, by leveraging the UK-firm's human machine interaction design and implementation expertise and product capabilities.