Auto component firm Pricol today said it has bought Johnson Controls' 50 per cent stake in its joint venture firm Johnson Controls Pricol Pvt Ltd for $3.1 million (about Rs 20 crore).
Following this deal, JCPPL has become wholly-owned subsidiary of Pricol.
As per termination agreement of April 15, 2015 between Pricol Ltd, Johnson Controls Enterprises Ltd, UK (JCEL), Johnson Controls Inc. And Johnson Controls Pricol Pvt Ltd, "JCEL sold its 50 per cent of shareholding in Johnson Controls Pricol Private Ltd (JCPPL) to Pricol Ltd on May 06, 2015 for a consideration of 3,151,853 dollars", Pricol said in a BSE filing.
It further said: "Subsequent to the aforesaid acquisition JCPPL became the wholly owned subsidiary company of Pricol Ltd."
Pricol and Johnson Controls formed a 50:50 JV in March, 2012 to develop and manufacture instrument clusters, displays and body electronics for both automakers and motorcycle manufacturers.
It had said the acceptance of this offer "is likely to improve its competitive strength".
The compensation package offered under the scheme is "consistent with the company's caring approach".
Shares of Colgate Palmolive were trading at Rs 2,031 in the morning trade, down 1.57 per cent from its previous close on BSE.
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