Pricol Board approves to set up Joint Venture Company in Iran

Pricol Ltd has announced that the Board of Directors of the Company at its meeting held on May 29, 2007, inter alia, has approved to set up a Joint Venture Company in Iran with an Iranian Company - Nava Khodro Plastic Company.

The Company and Nava Khodro Plastic Company, Iran will hold 50% each in the share capital of the new Joint Venture.

The new Joint Venture Company will manufacture Instrument Clusters and Speed Sensors. The share capital of the said Company is US$ 2,500,000 and the estimated project cost for Phase 1 - 3 years is US$ 8,500,000.

The stock was trading at Rs.33.70, up by Rs.0.55 or 1.66%. The stock hit an intraday high of Rs.33.70 and low of Rs.32.50. The total traded quantity was 48763 compared to 2 week average of 39671.

Source : Equity Bulls

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