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Indian vehicle manufacturer Mahindra and Mahindra are interacting to buy a 44% stake in SML Isuzu, a huge vehicle of Sumitomo Corp, Japan, CNBC Awazu said on Monday citing sources.
Mahindra and Mahindra
Indian vehicle manufacturer Mahindra and Mahindra are interacting to purchase a 44% stake in SML Isuzu, a huge vehicle manufacturer of Japan, CNBC Awazu on Monday described sources citing sources.
According to the Mahindra report, Japanese trading firms are considering offering Rs 1,400 per share, which consider SML Isuju as Rs 20.26 billion ($ 236 million).
SML Isuju shares, which manufacture trucks and buses, increased by 5.4% to Rs 1,741.20 in Mumbai.
The report said that Mahindra’s board is likely to get this week to discuss the proposed deal. The company manufactures trucks and SUVs.
“We do not comment on the speculation of the market,” Mahindra said.
SML Isuju did not immediately respond to the remarks request.
Japan’s Isuzu, which manufactures SUVs and pickup trucks through another unit, owns a 15% stake in SML Isuzu.
(This story has not been edited by News18 employees and a syndicated news agency has been published from Feed – Reuters)
