Auto component firm Pricol today said it will acquire a Brazil-based auto component maker for making a foray into the Brazilian market.
The company, however, did not disclose financial details of the acquisition.
“Company at the meeting held on December 11, 2014, has proposed to acquire 99.99 per cent of stake in a Brazil-based auto component manufacturing company through its wholly owned subsidiary incorporated in Spain,” Pricol said in a BSE filing.
Pricol, which did not disclose the name of target company, said that “the aforesaid company in Brazil achieved sales revenue of Rs 301.1 crore during the calendar year 2013.”
“This acquisition will enable Pricol to make a foray into the Brazilian auto component industry. The aforesaid acquisition is expected to be completed by the end of January 2015,” it added.
Shares of Pricol ended at Rs 43.90, up 2.69 per cent from previous close on the BSE.