Auto components maker Rico Auto Industries has divested its entire stake in FCC Rico Ltd, its erstwhile joint venture with Japan's FCC Co.
FCC Rico Ltd is now entirely a FCC Group held company, the company said.
"The company has divested its entire 50 per cent stake in FCC Rico Ltd, its erstwhile joint venture with FCC Co Ltd, Japan," Rico Auto Industries said in a filing to the BSE.
The company had earlier divested 50 per cent stake in the JV firm in September for Rs 495 crore to its Japanese partner FCC Co Ltd.
"Pursuant to the above divestiture, the nominee directors of the company appointed to the board of FCC Rico Ltd including, Arvind Kapur have also resigned from the board with immediate effect," it added.
Rico Auto shares were trading at Rs 48.50 apiece on the BSE, up 4.86 per cent from its previous close.
