Suprajit Engineering Ltd. on Monday said it is acquiring the speedo cable business of Pricol Ltd., whose customers include major original equipment manufacturers (OEMs).
In a filing to the Bombay Stock Exchange, Suprajit Engineering said it has “executed a business transfer agreement with Pricol Limited, Coimbatore for acquisition of their speedo cable Business on a slump sale basis.”
The speedo cable business of Pricol has annual sales of around Rs. 10 crore with major OEM’s and after-market customers. Suprajit said it is in the process of transferring the plant and machinery from Pricol. They will be relocated to one of its facilities in Bangalore, the company said in the filing.
In a separate filing, informing the BSE of the business transfer agreement with Suprajit Engineering, Pricol said the automotive speedo cable business to be sold is a non-core business.
