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Construction : Deals | September 2014 | Source : Construction Update

Rico Auto Industries to divest stake in auto component JV with Japanese Partner FCC

Rico Auto Industries Ltd is divesting its 50 per cent stake in JV company, FCC RICO Ltd to its JV Japanese partner FCC Co Ltd for a consideration of Rs 4,950 million valuing the auto component maker at Rs 9,900 million. The stake sale is, however, subject to completion of customary conditions precedent and such other regulatory conditions as may be required to be compiled with as applicable. Rico Auto and its subsidiaries supply high precision, fully machined aluminum and ferrous components and assemblies to automotive OEMs in India. PwC was the financial advisor to Japanese firm FCC Co Ltd on the transaction, while Axis Capital was the financial advisor to Rico Auto.
 
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