Auto components-maker Rico Auto Industries Ltd Tuesday said it has pulled out completely from the joint-venture (JV) with Japan based FCC Co after selling its entire 50 percent stake to the affiliates of FCC.
In a notification on Sep 25 to the National Stock Exchange, the company had informed about its intention to sell 50 percent stake in FCC Rico (the JV) for Rs.495 crore.
The joint venture was formed in 1997 to cater to Honda Group's two-wheeler business. Its other clients include Bajaj, Suzuki and Yamaha group.
The listed parent company Rico Auto Industries is promoted by Arvind Kapur and is backed by Ashish Dhawan, who was founder and senior managing director of private equity fund Chrys Capital.
Dhawan owns 5.38 percent in the company in his personal capacity.
FCC manufactures and supplies automobile clutch assemblies to original equipment manufacturers (OEMs) of two-wheelers and four-wheelers.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app