Pricol exits Denso JV on huge losses_Pricol exits Denso JV on huge losses

Pricol exits Denso JV on huge losses

June 2, 2024

Coimbatore: Faced with mounting losses, automotive equipment maker Pricol has ended its Corporation joint venture with Japanese partner Denso for Rs. crore in 2 Denso will be 49% of Denso Pricol India (DPIN) stake sold to Denso. DPIN is now a wholly owned subsidiary of Denso. Pricol Vikram Mohan Managing Director (Vikram Mohan) “The business is not progressing as planned due to the joint venture.””

DPIN’s revenue for 2013-14 was around Rs 700 million only supplying instrument clusters to Japanese automakers Toyota, Honda and Suzuki.

The objective of the joint venture is for Denso to fully acquire Pricol within five years, including Pricol’s four “Denso Technology Instrument Cluster Commitments” under the following four “Transfers”: transfer of Wheler Private Cars in Coimbatore and Gurgaon to Pricol’s wholly owned subsidiary, Denso Technology Instrument Cluster. Denso acquired 51% of the shares of Pricol Components following the transfer of Wheler Private Cars and Gurgaon in Coimbatore to Pricol Components, a wholly owned subsidiary of Pricol.

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