Source : PTI | The Competition Commission of India (CCI) on Tuesday said it has approved Minda Corporation’s proposed 8.79% stake purchase in Pricol. Minda Corporation is in the business of manufacturing of auto components and caters to Original Equipment Manufacturers (OEMs) and Tier-1 in various segments in India.
The proposed combination relates to an acquisition of up to 8.79% (approx.) of the equity share capital of Pricol by Minda, according to a release.
Pricol manufactures automobile components for OEMs, Tier-1 and replacement markets across India and globally.
Deals beyond a certain threshold require approval from the regulator CCI.
In May’23 Minda Corporation said its board has decided to approach the Competition Commission of India (CCI) to increase its stake in automotive technology firm Pricol to upto 24.5%. On February 17, 2023, Minda Corporation had acquired a 15.7% stake in Pricol by purchasing over 1.91 crore shares of the latter from the open market.
Pricol and Minda compete in the two-wheeler instrument cluster business.
