Rico Auto Industries

Continental acquired Rico Auto Industries Limited's 50% shares in the joint venture Continental Rico Hydraulic Brakes India Ltd., making it a wholly owned subsidiary. The plant in Gurgaon, India, produces hydraulic brake system components for OEM customers.

Rico Auto Industries Ltd. will set up a new manufacturing plant at Halol in Gujarat for components for two-wheelers and four-wheelers, with an initial investment of Rs. 1.1 crore. The plant is projected to become operational from May 2019.

Rico Auto Industries Ltd. and its subsidiary Rasa Autocom Ltd. will acquire the equity shares in the 50:50 joint venture Magna Powertrain GMBH, making it a wholly-owned subsidiary.

Rico Auto Industries has secured an export order from Daimler to supply engine brackets to Daimler locations in the US and Germany. The company also supplies engine brackets to Tata Motors and VE Commercial Vehicles.

Rico Auto Industries has secured an order worth approximately Rs 1,200 crore from electric vehicle manufacturers. The company also plans to invest over Rs 400 crore in the next three years to achieve a Rs 2,000 crore turnover by 2020.