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Pricol on Wednesday said it has filed an objection with theCompetition Commission of India (CCI) against Minda Corporation Ltd’s application to buy up to 24.5 per cent stake in Coimbatore-based auto parts maker.
“We would like to inform you that the company has filed a preliminary objection against the Minda Corporation Ltd’s application to the CCI for investing in equity shares up to 24.5 per cent of total equity shares of Pricol, while also reserving the right to challenge in detail on merits at the appropriate stage,” Pricol said in a regulatory filing.
Pricol is a supplier of diversified auto components like instrument clusters, sensors and switches, pumps and mechanical products, telematics solutions, and wiping systems.
In February this year, Noida-headquartered Minda Corporation Ltd’s purchase of a 15.7 per cent stake for ₹409 crore in Pricol Ltd sparked speculations over a hostile takeover attempt by the former. But Minda Corporation said it was merely a financial investment without providing the company any special rights in Pricol other than the rights as a shareholder of Pricol Ltd.
However, earlier this month, Minda Corporation had sought CCI’s approval to increase their stake to 24.5 percent stake in Pricol.
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