Sumitomo Corporation has acquired 15.62 per cent stake in Swaraj Mazda held by its foreign partner Mazda Motor Corporation.
Japanese commercial vehicle major Isuzu is entering the Indian commercial vehicle market through a technical agreement with Swaraj Mazda, the joint venture between Japan's Sumitomo Corporation and Punjab Tractors.
Private equity company Actis is in talks with Isuzu Motors for exiting automobile company Swaraj Mazda. According to sources, though Actis has been looking to exit for quite sometime, the deal is stuck over difference in valuation.
The cash offer for 2.621 million shares would open on November 23 and close on December 13, 2004, ICICI Securities Ltd, manager to offer, said in a public announcement on Tuesday.
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.
Ashish Chugh discusses his favourite picks - Swaraj Mazda and Sterling Holiday Resorts
SIAM expects the super-luxury bus market to grow five-fold in the next 3 years.
Increased truck sales, new models push Leyland's share to 34%, from 30.2% in the same quarter a year before.