rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » M&M to exit Swaraj Mazda by selling stake to Sumitomo

M&M to exit Swaraj Mazda by selling stake to Sumitomo

December 30, 2008 12:40 IST

Auto major Mahindra & Mahindra is understood to have decided to exit from commercial vehicle maker Swaraj Mazda by selling its stake to Japan's Sumitomo Corporation.

According to sources close to the development, M&M is preparing to sell its 14.04 per cent stake in Swaraj Mazda, it inherited after the acquisition of Punjab Tractors Ltd.

While details are being worked out, the sources said, the stake sale could be priced at around Rs 292 per share.

M&aM officials could not be contacted immediately for comments over the development.

© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.