Minda Corp approaches CCI to increase stake in Pricol to 24.5%

Minda Corporation plans to approach the Competition Commission of India to increase its stake in automotive technology firm Pricol to up to 24.5%. Last February, Minda had purchased 15.7% of Pricol via over 1.91 crore shares from the open market, claiming it was a financial investment. Pricol chairman Vanitha Mohan and MD Vikram Mohan, however, hold 36.53% and have no desire to sell. The move comes despite competition in two-wheeler instrument cluster business.