Mahindra & Mahindra Sells Stake in Turkish Foundry Business

Mahindra & Mahindra has sold its stake in Erkunt Foundry, a subsidiary in Turkey, to a consortium led by Hisarlar Makina Sanayi. The transaction aligns with Mahindra's capital allocation strategy, with no impact on its tractor business in Turkey. The purchase price is set at 100,000 Turkish Lira.

Mahindra & Mahindra announced on Friday its decision to divest its stake in Erkunt Foundry, a subsidiary in the industrial manufacturing sector, to a consortium led by Hisarlar Makina Sanayi.

The sale was conducted through Mahindra Overseas Investment Company (Mauritius) Ltd, along with Erkunt Traktor Sanayii Anonim Sirketi. Together, they agreed to sell 99.04% of their shareholding in Erkunt Foundry.

This decision aligns with Mahindra's broader capital allocation framework. The sale, however, does not affect its ongoing tractor business in Turkey.

(With inputs from agencies.)