Auto component manufacturer Minda Corporation will submit a request to the Competitive Commission of India (CCI) to raise its ownership in rival Pricol Ltd to 24.5%. According to a BSE filing by Minda Corp, the company purchased 1.91 crore shares, or 15.7% of ownership, of Pricol in February of this year for 209 each. The acquisition
from February cost 400 crore. The company that manufactures automotive components stated, "The Board of Directors in its meeting held on May 1, 2023, decided to file an application with the Competition Commission of India for making an investment in equity shares of Pricol Limited up to 25.5% of the total equity shares of Pricol at this stage." In the third quarter of the fiscal year 2023, Pricol Ltd. reported a combined profit of 26.76 crore. The company, which is situated in Tamil Nadu, reported consolidated PAT of 17.34 crore during the equivalent quarter of the previous fiscal year. The combined PAT increased to 94.88 crore for the nine months ended December 31, 2022, up from 37.95 crore for the same period the previous financial year.
Priocol has cash flow of 112.2 crore and is a debt-free business. It is the second-largest producer of gasoline level sensors and instrument clusters for two- and three-wheeled vehicles. According to CNBCTV18, Pricol has a market share of 50% for two-wheelers and 70% for CVs.
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