– Expanding the Global Manufacturing Footprint of Instrument Cluster Business –
In an effort to grow instrument cluster business in India, DENSO Corporation has acquired shares of Pricol Components Limited, a subsidiary of Pricol Limited, that designs, manufactures, and sells instrument clusters for passenger vehicles. DENSO completed the investment transaction on April 23, 2013, and now holds 51 percent ownership and Pricol holds the remaining 49 percent. Pricol Components Limited will be renamed DENSO Pricol India Limited later this year.
Pricol Components began manufacturing instrument clusters for passenger vehicles on April 22, in a section of Pricol’s two plants located in Coimbatore and Manesar, Haryana, India using production equipment obtained from Pricol.
DENSO has sold all of its shares of Pricol upon investing in Pricol Components. Pricol is one of the leading automotive suppliers of instrumental clusters and oil pumps in India. DENSO has been a longtime partner with Pricol mainly in the field of instrumental cluster business.
Expanding Manufacturing Footprint DENSO produces automotive instrument clusters in nine countries and regions across the globe. DENSO recently announced it will begin producing instrument cluster in Poland in August 2013. DENSO will continue to strengthen its global supply capability to meet customers need worldwide.
The profile of the new company and Pricol Limited:
Profile of Pricol Components Limited
| 1.Company name | Pricol Components Limited *The company is planned to be renamed DENSO Pricol India Limited. |
|---|---|
| 2.Location | Coimbatore, Tamil Nadu, India |
| 3.Managing Director | Masaaki Muraki |
| 4.Capital | 100 million rupees (approximately US$1.9 million) |
| 5.Ownership | 51 percent owned by DENSO Corporation, and 49 percent owned by Pricol Limited |
| 6.Sales | 1.54 billion rupees (approximately US$28.7 million, planned for fiscal year ending March 31, 2016) |
| 7.Employees | 101 |
| 8.Business description | Design, manufacture, and sale of instrument clusters for passenger vehicles |
Profile of Pricol Limited
| 1.Company name | Pricol Limited |
|---|---|
| 2.Location | Coimbatore, Tamil Nadu, India |
| 3.Chairman | Vijay Mohan |
| 4.Managing Director | Vikram Mohan |
| 5.Establishment | March 1972 |
| 6.Capital | 90 million rupees (approximately US$1.7 million) |
| 7.Sales | 8.4 billion rupees (approx. US$156.3 million, as of fiscal year ending March 31, 2013) |
| 8.Employees | 4,709 (as of March 2013) |
| 9.Business description | Design, manufacture, and sale of instrument clusters, automotive sensors, and powertrain related products |
*Exchange rate used is 53.74 Indian rupees to the US one dollar, at the end of March 2013 for convenience only.
