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May 31, 2007

Pricol's JV company at Iran

Auto components major Pricol has informed the Bombay Stock Exchange that the board of directors of the company has approved the setting up of a joint venture company in Iran with Nava Khodro Plastic Company. Pricol and Nava Khodro Plastic Company will hold 50% each in the share capital of the new JV. The new company will manufacture instrument clusters and speed sensors. The share capital of the said company is $25 lakh and the estimated project cost for Phase 1-3 years is $85 lakh.

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