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

M&M to exit Swaraj Mazda by selling stake to Sumitomo
PTI
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First Published: Tue, Dec 30 2008. 01 43 PM IST
Updated: Tue, Dec 30 2008. 01 43 PM IST
New Delhi: 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% 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 Rs292 per share.
M&M officials could not be contacted immediately for comments over the development.
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First Published: Tue, Dec 30 2008. 01 43 PM IST