Pricol management vows to remain in control, charts ₹600-cr expansion plan.

The management of Pricol Ltd., a manufacturer of auto parts and precision engineered products, has said Minda’s 15.7 per cent share purchase in the company is no cause for alarm or worry now; the company’s stay is committed to its business and intends to invest ₹600 crore in capacity expansion.

“We want to create value for all of our stakeholders in a quest to achieve Vision 2025. We intend to remain in control of Pricol, by legal means, by financial means, or every other means for which we have strategies in place. We have evaluated all of our options, and we keep all of our cards open to ensure that we remain in control of this company,” Vikram Mohan, Managing Director, said during a ‘business update’ conference call with the investors.

A couple of weeks ago, Noida-headquartered Minda’s stake purchase for ₹409 crore in Pricol created a buzz in the market. In its “business update” call with the investors, the management of Minda maintained that the shares of Pricol were purchased solely for the investment of the surplus funds available with the company.

HBL