Vikram Mohan, the Managing Director of Pricol, said: "This acquisition ties in well with our long term strategy of driving growth and achieving product diversification. We believe that wiping systems is a growing product segment which would be largely immune to the ever changing technological trends in the automotive sector and the eventual move to electric vehicles.

"With manufacturing presence in Czech Republic and Mexico, this acquisition fits in perfectly with our ongoing plans to establish presence in these regions. We are also very excited about the potential of this business in the Indian market and confident of extracting synergies"

Harsh Piramal, the Managing Director of PMP Auto Components Pvt. Ltd., said: "PMP has decided to divest this business as part of its strategic portfolio reallocation where this business has been determined as non-core. We are happy that an automotive focused group like Pricol is taking over this business and hope that they will take it to further heights"

The transaction is subject to customary closing conditions and the parties to the transaction are bound by standard confidentiality obligations.

BMR Advisors acted as transaction and fund raising advisor to Pricol. PWC was the transaction advisor to the shareholders of PMP.

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