Rico Auto Industries has received approval from board of directors for investments in Metalart Friction (MFPL) by way of purchase of equity shares from its existing shareholders. Post this acquisition the Company shall hold stake upto 80 percent in the equity share capital of MFPL and consequently, MFPL shall became Subsidiary of the Company.
Further, Board of Directors has also approved to enter into related party transactions with Rasa Autocom , a Step-Down Subsidiary pertaining to purchase of various assets located at its Bawal Plant (Haryana) at a price not less than the prevailing Net Asset Value of the assets, which shall not to exceed Rs 25.00 crore.
Rico Auto Industries is a world-class engineering company supplying a wide range of high precision fully machined aluminum and ferrous components and assemblies to automotive OEMs across the globe.
