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Our Bureau

New Delhi , July 21

AUTO components major Rico Auto on Wednesday said that it has ended an agreement with Ford Motor and would pay the US carmaker $2 million over a two-year period.

"The company has sought such termination as the consideration accruing to Ford would have been much higher than anticipated compared to the benefit that would have accrued to the company under this agreement,'' Rico said in a communique to the Bombay Stock Exchange on Wednesday.

The two parties had entered into a business agreement on April 1, 2003.

Rico said it would pay the amount in eight instalments, clarifying that the termination will in no way reflect on the two companies' existing business relationship.

"Besides executing the ferrous and aluminium business already finalised, the company continues to participate in the upcoming projects of Ford and its global affiliates across North America, Europe and India,'' Rico said.

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