Manufacturer of auto parts Minda Corporation will file an application before the Competitive Commission of India (CCI) to increase its stake in rival Pricol Ltd ..
Minda Corporation has decided to file an application to CCI for making investment in Equity Shares of Pricol Limited upto 24.5% of total Equity Shares of Pricol, at this stage.
Minda had in February bought a 15.7% stake in Pricol for ₹400 crore in a surprise move that triggered a confrontation with the promoter group of the target company led by managing director Vikram Mohan.
Noida-based auto components maker Minda Corp Ltd on Friday informed that it had bought 19.14mn (million) shares representing a 15.70% stake in Coimbatore-based Pricol Ltd.
Pricol is the largest player in the two-wheeler instrument cluster business, with Minda Corp following close behind. If Minda is able to secure a stake in Pricol, it will help the former consolidate its market share