Warburg Pincus will acquire the promoters’ entire 38.51% stake in Pricol Autotech for up to ₹1,663.07 crore, giving the global private equity firm a controlling position in the vehicle-electronics business that Pricol plans to separate through a demerger.
The transaction was approved by Pricol’s board on Friday and will be carried out through Topaz Terrace Investments BV, a Netherlands-based affiliate of Warburg Pincus. The buyer will acquire the shares from members of the Mohan family and their group companies, according to a stock exchange filing.
The deal is linked to the proposed demerger of Pricol’s driver information and connected vehicle solutions, or DICVS, business. The business manufactures instrument clusters, telematics, sensors and e-cockpit solutions for vehicles across segments. It reported revenue of about ₹2,400 crore in FY26, accounting for roughly 60% of Pricol’s consolidated revenue.
The proposed Pricol Autotech entity will also be subject to a mandatory open offer for up to an additional 26% stake from public shareholders, in accordance with Securities and Exchange Board of India regulations. The acquisition and open offer remain subject to the demerger becoming effective and to regulatory and other approvals.
Pricol’s board approved the demerger scheme on June 27, 2026. Under the arrangement, eligible shareholders of Pricol will receive one share of Pricol Autotech for every share held in Pricol. The demerged company is proposed to be listed on both the National Stock Exchange of India and BSE.
The restructuring will divide Pricol’s existing operations between two entities. Pricol Autotech will house the DICVS business, while Pricol Ltd will retain its actuation, control and fluid management systems business. The polymer business will continue through Pricol Precision Products Pvt Ltd, a wholly owned subsidiary.
The actuation, control, fluid management and polymer businesses will remain with the existing promoter group, the Mohan family. The transaction therefore changes ownership and control of the DICVS business while leaving the other businesses under the current promoter group, according to the company’s disclosure.
Vikram Mohan, chairman and managing director of Pricol, said the demerger would give Pricol Autotech greater focus and independence to realise its potential. He also said Warburg Pincus’s global network, resources and automotive-sector expertise would support the business in its next phase of growth.
Anish Saraf, managing director at Warburg Pincus, said Pricol had established relationships with original equipment manufacturers and developed engineering capabilities. He said the firm would work with the company’s management and employees to support its long-term ambitions and expand its presence in India and overseas.
The next formal milestones are the completion of the demerger, receipt of regulatory approvals, implementation of the open offer and the proposed listing of Pricol Autotech on the NSE and BSE.
