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Pricol said that its board of directors had on Thursday proposed to acquire 99.99 per cent stake in a Brazil-based auto component manufacturing company through its wholly-owned subsidiary in Spain.
Pricol said the acquisition would help to make it enter the Brazilian auto component industry.
The target company in Brazil achieved sales revenues of Rs 301.1 crore in CY 2013.
In a communication to the stock exchanges, Pricol said the acquisition is expected to be completed by the end of January 2015.
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