Financial Daily from THE HINDU group of publications
Sunday, Nov 28, 2004
Financial Daily from THE HINDU group of publications Sunday, Nov 28, 2004 |
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Corporate
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Mergers & Acquisitions M&M to acquire 51% stake in SAR Transmission Our Bureau
Mumbai , Nov. 27 MAHINDRA & Mahindra Ltd (M&M) informed the Bombay Stock Exchange on Saturday that it entered into an agreement to acquire a 51 per cent stake in Rajkot-based SAR Transmission Pvt Ltd (STPL). "The consideration for the purpose of the acquisition will be arrived at the closing of the transaction," the company's statement said. According to it, STPL, a proposed joint venture between the company and SAR Auto Products Ltd (SAPL), would strengthen the presence of the company in the gear components business and would enable it to provide a base for sourcing its own gears. "The finalisation of the transaction is subject to fulfilment of condition precedents and requisite regulatory approvals." When contacted, M&M's spokesperson said that SAR Auto is an existing vendor with a turnover of roughly Rs 20 crore. Almost 60 per cent of its current business comes from M&M.
More Stories on : Mergers & Acquisitions | Automobile Components
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