Why Minda has its eyes on Pricol’s dashboard
- Can the Coimbatore-based auto components maker preempt a possible takeover attempt?
- In February, Minda said it acquired a 15.6% stake in Pricol from the open market. This set off panic among Pricol’s stakeholders as the promoters do not have a majority stake.
Coimbatore: When Vikram Mohan got a call from his elder daughter on 17 February, he thought it would be a routine chat. The managing director of Pricol Ltd, a Coimbatore-based auto component company, was in New Delhi on work. His daughter was calling from London. The call, as it turned out, was anything but routine. Rival Minda Corporation Ltd, she told the stunned Vikram, had acquired a substantial stake in Pricol.