Pricol has received an approval for acquisition of PMP Auto Components, India (PMP), a part of the Ashok Piramal Group. The board of directors at their meeting held on May 30, 2017, has approved for the same. Pricol and PMP have entered into an exclusive and binding agreement for Pricol to acquire the entire ownership interest in wiping systems business of PMP.
PMP had acquired wiping systems business in 2008 from Magna and presently has manufacturing facilities in Czech Republic, Mexico and India with a turnover of around Rs 2,500 million. This business supplies wiping systems to global automotive customers including Volkswagen, Daimler, Fiat, John Deere, Skoda, Audi, Seat, Renault and TATA Motors.
The binding offer has been approved by the Board of Pricol and accepted by PMP. The parties are working towards executing definitive documentation and closure of this deal shortly. The transaction will be funded by a combination of internal accruals and external debt.
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