Rico Auto Industries has received an approval for the proposed divestment of the entire 50% stake of the company in Continental Rico Hydraulic Brakes India by way of sale of the entire stake to Continental Automotive Holding Netherlands BV, a Continental Group Company. Upon completion of the proposed divestment, Continental Rico Hydraulic Brakes India will be entirely a Continental Group held company.
The divestment will be completed subject to completion of customary conditions precedent and will be in accordance with the pricing guidelines issued by the Reserve Bank of India.
Continental Rico Hydraulic Brakes India is the joint venture between Rico Auto Industries with Continental AG, Germany.
Rico Auto is a dynamic world-class engineering company, supplying a broad range of high precision fully machined ferrous and aluminium components and assemblies to automotive OEMs globally. The company enjoys an excellent reputation in terms of customer focus, quality and cost-competitiveness.
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