Rico Auto signs joint venture pact with Singapore-based Ultra Fairwood

Rico Auto Industries has signed a 50:50 joint venture agreement with Ultra Fairwood PTE Ltd, Singapore, to manufacture PODs (autonomous electric vehicles to be run on dedicated tracks) for personal rapid transport (PRT), group rapid transport (GRT) or any variant thereof. Though it has not disclosed the financial details, Rico Auto said, equity shares of the joint venture will be issued to the companies as per the agreement and each will nominate three directors in the venture. Shares of Rico Auto closed flat at ₹94.85 on the NSE.