Pricol announced Wednesday the company has bought Johnson Controls Enterprises' 50% stake in erstwhile joint venture company Johnson Controls Pricol. The company has paid USD 3.15 million to purchase stake from joint venture partner.

Earlier Apr. 15, 2015, Pricol and Johnson Controls Enterprises, UK, had signed termination agreement.

Further the company said Johnson Controls Enterprises, UK and Johnson Controls does not belong to promoter, promoter group and group companies of Pricol.

They are not related party and this transaction will not fall under related party transactions, it added.

Shares of the company declined Rs 1, or 2.54%, to trade at Rs 38.35. The total volume of shares traded was 162,210 at the BSE (11.08 a.m., Wednesday).