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Johnson Controls Enterprises Ltd, UK (JCEL) has exited from the joint venture company Johnson Controls Pricol Private Ltd (JCPPL), established in equal partnership with the Coimbatore-based auto component manufacturer Pricol Ltd.
The UK-based company has sold its 50 per cent stake in the JV to Pricol for a consideration of $3,151,853, Pricol has said.
In its filings with the stock exchanges today, Pricol said in line with the Termination Agreement between Pricol Ltd, Johnson Controls Enterprises Ltd, UK (JCEL), Johnson Controls Inc, and Johnson Controls Pricol Private Ltd (JCPPL), JCEL had sold its 50 per cent stake in JCPPL to its co-promoter Pricol Ltd today ( May 6) for a consideration of $3,151,853. Consequently, JCPPL will become a wholly-owned subsidiary of Pricol Ltd.
Pricol said Johnson Controls Enterprises Ltd, UK, and Johnson Controls Inc. do not belong to promoter /promoter group/ group companies of Pricol Ltd and they were not a related party and this transaction would not fall under related party transactions.
Shares of Pricol (face value Re 1) are down by Rs 1.75 to Rs 37.50 on the NSE.
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