Pricol to acquire Sundaram Auto Components' injection moulding biz

New Delhi, Dec 2 (PTI) Automotive components maker Pricol on Monday said it will acquire Sundaram Auto Components' injection moulding business for Rs 215 crore.
     The company said it is making the acquisition through its wholly-owned subsidiary Pricol Precision Products Pvt Ltd.
     With this acquisition, Pricol will see a consolidated topline addition of around Rs 730 crore combined with Sundaram Auto Components' (SACL) healthy financial parameters, it said in a statement.
     The debt-free acquisition is being made through an all-cash deal for an amount of Rs 215.3 crore and is subject to adjustments, if any, as defined in the agreement at the time of closing the deal, it added.
     SACL is part of the TVS Motor Company.
     "With this acquisition, our focus will remain on harnessing the combined potential of Pricol and SACL, to become an integrated solution player, driving innovation, and delivering sustainable growth," Pricol Managing Director Vikram Mohan said.
     TVS Motor Company Group CFO K Gopala Desikan said: "As market dynamics evolve, and we allocate capital more efficiently in accordance with our strategic plans, we are delighted that Pricol, our trusted long-term supplier partner, is taking over the business."

(This story has not been edited by THE WEEK and is auto-generated from PTI)