Johnson Controls sells stake in Indian JV to Pricol
Johnson Controls Pricol Pvt Ltd has become a wholly owned subsidiary of Pricol.
Component supplier Johnson Controls has sold its 50% equity stake in Johnson Controls Pricol Pvt Ltd to joint-venture (JV) partner Pricol, reports the Press Trust of India. The transfer took place at a price of USD3.1 million. Under a termination agreement between Pricol Ltd, Johnson Controls Enterprises Ltd UK (JCEL), Johnson Controls Inc., and Johnson Controls Pricol Pvt Ltd, "JCEL sold its 50% of shareholding in Johnson Controls Pricol Private Ltd (JCPPL) to Pricol Ltd on 6 May 2015 for a consideration of USD3.15 million," Pricol said in a filing with the Bombay Stock Exchange. Following the divestiture, Johnson Controls Pricol Pvt Ltd has become a wholly owned subsidiary of Pricol.
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