Wednesday, 14 December 2011

Rico Auto Sells Stake In JV To Kailash Royal




Gurgaon-based automobile components firm Rico Auto Industries Ltd has sold its entire stake in the joint venture and subsidiary company KRP Auto Industries Ltd to Kailash Royal Premium Projects Pvt Ltd for Rs 20.3 crore.

Rico Industries is an engineering company together with its subsidiaries, supplies high precision fully machined aluminum and ferrous components and assemblies to automotive original equipment manufacturers in India.It engages in designing, developing, tooling, casting, machining, and assembling aluminum and ferrous products.

Rico Auto Industries said that the company has sold the entire 4.75 lakh fully paid-up equity shares of Rs. 100 each of the joint venture (JV) and subsidiary company -- KRP Auto Industries -- to the other JV partner, Kailash Royal Premium Projects, with whom JV agreement was signed on 23 December 2009. The entire consideration of Rs. 20.30 crore (including the amount of premium) towards the investment has been received and consequently KRP Auto Industries ceased to be subsidiary of Rico Auto Industries with effect from Monday, 12 December 2011, Rico Auto Industries said in a statement.

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