Mahindra & Mahindra on Friday said it would sell 22% stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co. Ltd. for ₹146.32 crore.
MSSSPL is a joint venture between M&M India (51%), Sanyo Special Steel Co. Ltd. Japan (29%) and Mitsui & Co. Ltd. Japan (20%).
“Following the sale, the company’s shareholding in MSSSPL would come down to 29% from 51% of its share capital, and MSSSPL will cease to be a subsidiary of the company,” Mahindra & Mahindra said in a filing to the stock exchanges.
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