Rico Auto Industries gains 3% on joint venture with Singapore company
Rico Auto Industries shares rallied more than 3 percent intraday Wednesday on signing joint venture agreement with Singapore-based company.
The company informed exchanges that it has signed the joint venture agreement with Ultra Fairwood PTE Limited, Singapore.
The joint venture will manufacture PODs (autonomous electric vehicles to be run on dedicated track) for PRT (personal rapid transport), GRT (group rapid transport) or any variant thereof.
The shareholding in the joint venture company will be in the ratio of 50:50, with three directors nomination by each partner.
Rico is an engineering company supplying a wide range of high precision fully machined aluminum and ferrous components and assemblies to automotive OEMs across the globe.
At 14:59 hours IST, the stock price was quoting at Rs 95.65, up 0.90 percent on the BSE.