Mumbai, Dec 23 (IANS): Auto components-maker Rico Auto Industries Ltd Tuesday said it has pulled out completely from the joint-venture (JV) with Japan based FCC Co after selling its entire 50 percent stake to the affiliates of FCC.

In a notification on Sep 25 to the National Stock Exchange, the company had informed about its intention to sell 50 percent stake in FCC Rico (the JV) for Rs.495 crore.

The joint venture was formed in 1997 to cater to Honda Group's two-wheeler business. Its other clients include Bajaj, Suzuki and Yamaha group.

The listed parent company Rico Auto Industries is promoted by Arvind Kapur and is backed by Ashish Dhawan, who was founder and senior managing director of private equity fund Chrys Capital.

Dhawan owns 5.38 percent in the company in his personal capacity.

FCC manufactures and supplies automobile clutch assemblies to original equipment manufacturers (OEMs) of two-wheelers and four-wheelers.