Pricol to foray into Brazil

Company's Spain subsidiary to acquire 99.9% stake in a Brazilian company

Pricol is set to acquire Brazil based auto component manufacturing firm through its wholly-owned subsidiary incorporated in Spain. The Coimbatore-based auto components major said the acquisition would enable it to make a foray into Brazil.

Pricol's Board of Directors gave nod for the proposed acquisition. As per the agreement Pricol would acquire 99.99 per cent stake in the company, whose name was not disclosed.

The aforesaid Company in Brazil achieved sales revenue of Rs 301.1 crore during the calendar year 2013 and this acquisition will enable Pricol to make a foray into the Brazilian Auto Component Industry.

The aforesaid acquisition is expected to be completed by the end of January 2015.