Pricol has received approval to hive off its investment in its wholly owned subsidiary, Pricol Espana S.L., Spain, primarily to hive off the step down subsidiary unit at Brazil which requires continuous investments for its day to day operations. The Board of Directors of the Company at its meeting held on June 15, 2019 has approved the same.
The Board is necessitated to hive off its other step down subsidiaries, Pricol Wiping Systems Czech s.r.o and Pricol Wiping Systems Mexico S.A. de C.V. along with the Investment in Pricol Wiping Systems India as a strategic / bundled offer, reckoning commonality of customer base and in order to minimise the financial impact of the disposal.
Pricol is an automotive components and precision engineered products manufacturer based in Coimbatore, India.
