Pricol, a supplier of automotive instrument clusters in India, has bought Johnson Controls’ 50 percent stake in its joint venture, known as Johnson Controls Pricol Pvt Ltd (JCPPL) for some US$3.1 million.
Formed in 2012, the venture develops and manufactures instrument clusters, displays and body electronics for both automakers and motorcycle manufacturers. Its customers include Toyota, Honda, Tata and Renault. The venture’s main location is at Pricol’s instrument cluster factory in Pirangut, near Pune.
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In explaining the reasons for the buyout, Pricol executive Franklyn Stephen Issac told just-auto: “Johnson Controls signed a joint venture [agreement] with Pricol in March 2012 to enter into instrument cluster market in India. In the venture, Pricol had the responsibility of tooling and manufacturing and Johnson Controls had the responsibility of product design. As the joint venture agreement came to end in April 2015, Pricol decided to own the JCPPL. Pricol found there is good amount of growth and profit through this JV, hence decided to acquire JCPPL wholly.”
Issac added that Pricol intends to grow this business “by implementing the latest technologies like CAN based clusters, digital instrument clusters with creative designs.”
Pricol claims that it is the market leader in instrument clusters in India. “We have a share of more than 50 percent of OEM’s requirements in the domestic market,” said Issac.
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