Rico Auto Industries has sold the entire 4,75,680 fully paid-up equity shares of Rs 100 each of the Joint Venture (JV) and Subsidiary Company ‘KRP Auto Industries’ to the other JV partner Kailash Royal Premium Projects with whom JV agreement was signed on December 23, 2009.
The entire consideration of Rs 20.30 crore (including the amount of premium) towards the investment has been received by the company. Consequently, KRP Auto Industries has ceased to be subsidiary company with effect from December 12, 2011.
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 for our customer focus, quality and cost-competitiveness. Its engineering excellence, advanced design and development capabilities, strong customer relationships and proven scalability, have helped it become a preferred supplier to OEMs across the globe.
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