Mahindra Overseas Investment Co. (Mauritius) to sell 51% stake held in China subsidiary
DSIJ Intelligence / 12 Aug 2017
The 51% stake held in Mahindra Yueda Yancheng Tractor Company (MYYTCL) China by Mahindra Overseas Investment Company (Mauritius) (MOICML) will now be sold.
The 51% stake held in Mahindra Yueda Yancheng Tractor Company (MYYTCL) China by Mahindra Overseas Investment Company (Mauritius) (MOICML) will now be sold. MOICML is a wholly-owned subsidiary of Mahindra and Mahindra Limited. The stake is valued at Rmb 82 million i.e. approximately Rs 788.48 million.
The equity transfer agreement was signed on August 11, 2017 and the expected date of completion is August 31, 2017. After the approvals are in place and the formalities have been completed, MYYTCL will cease to be a subsidiary of MOICML and in turn the company.
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