Rico Auto Industries is selling it's 50% stake in Continental Rico Hydraulic Brakes India Private Limited to it's JV partner Continental Automotive Holding Netherlands BV, a Continental Group Company. The stake sale is subject to approval of Reserve Bank of India.
Rico and Continental had entered into a JV in 2007 to build a hydraulic brake systems plant in India in a two step approach. Rico Hydraulic Brakes produces calipers for front and rear axles, drum brakes, master cylinders, brake boosters and load sensing proportioning valves for vehicles of all classes.
Rico Industries, along with it's subsidiaries and JVs manufactures and supplies auto components to auto OEMs across the country. It's clients include Hero MotoCorp Limited, Honda Motorcycle and Scooter India Private Limited, Maruti Suzuki India Limited and TataCummins Limited.
Rico Auto on BSE
Last year in December, it sold it's entire stake in JV - KRP Auto Industries Limited to JV partner Kailash Royal Premium Projects Private Limited for R20.3Cr. KRP Auto Industries was incorporated in 2010 as a manufacturer of automobile components at Bangalore.
Rico’s other JV companies are FCC Rico Ltd, Rico Jinfei Wheels Limited and Magna Rico Powertrain Private Limited.
Last year, Continental AG acquired Modi Rubber for #3.87Mn.
(Source : http://www.dealcurry.com/20120228-Rico-Auto-To-Sell-Continental-Rico-JV-Stake-To-Partner.htm)
No comments:
Post a Comment