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Minda Corp set to focus on organic growth after 15.7% Pricol buy

Pricol is a major player in the connected vehicle solutions and telematics segment of the auto component industry

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4 min read Last Updated : Feb 19 2023 | 11:12 PM IST

Auto component maker Minda Corporation’s first focus remains on organic growth. And, the purchase of 15.7 per cent shares in Pricol for Rs 400 crore is just a financial investment right now, said Minda’s strategy head Anshul Saxena on Sunday.

On Friday afternoon, Minda Corporation told the BSE that it acquired the aforementioned stake in Pricol from the open market. On Friday morning, Coimbatore-based Pricol had told BSE that it has no information about Minda’s intention to acquire 15.7 per cent shares.

In an interview to Business Standard, Saxena said: “Pure play inorganic acquisitions are always up and on cards. If an opportunity comes that is a strategic fit with the way we intend to grow, and if it makes sense financially, then we will definitely evaluate it. But organic growth is our first focus because our product lines are in an exciting phase of premiumisation.”