Pricol files complaint with CCI over Minda's stake acquisition

23 May 2023 CW Team

Coimbatore-based auto component manufacturer Pricol has lodged a complaint with the Competition Commission of India (CCI) regarding rival company Minda Corporation's purchase of a 24.5% stake in Pricol. The conflict between the two companies began in February when Minda acquired 15.7% of Pricol through an open market deal worth Rs 4 billion. Earlier this month, Minda sought CCI's approval to acquire an additional 24.5% stake in Pricol.

Pricol has filed a preliminary objection against Minda's application with the CCI, reserving the right to challenge the move on its merits at a later stage. Reports indicate that Pricol holds a 40% market share for two-wheeler instrument clusters, while Minda holds a 15% share. In February, Minda purchased 19.1 million shares of Pricol for Rs 4 billion, without requiring prior permissions due to it being an open-market transaction.

The move was expected to strengthen Minda's position in the dashboard instruments market. However, Pricol's promoter group, owning 36.53% of the company, claimed to be unaware of the purchase and expressed no intentions to sell a secondary interest or raise capital. The company emphasised its resistance to any aggressive takeover attempts by Minda. Currently, the public holds a 63.47% share in Pricol.

Pricol is a leading manufacturer of dashboard instruments, producing driver information systems, sensors, pumps, telematics, and wiping systems for various automotive original equipment manufacturers in India and international markets, serving two or three-wheelers, passenger vehicles, commercial vehicles, farm equipment, and offroad vehicles.

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