M&M’s arm to sell entire stake in Mahindra Tsubaki Conveyor Systems
29th Dec 2021

Mahindra & Mahindra’s (M&M) wholly owned subsidiary -- Mahindra Engineering and Chemical Products (MECPL) is all set to sell its entire stake aggregating 49% of the paid-up Equity Share Capital held in Mahindra Tsubaki Conveyor Systems (MTC).

MTC is an associate of MECPL and not of the Company. However, since MECPL is in the process of being merged into the Company, this intimation is being given. Following the sale, MECPL’s shareholding in MTC would become Nil, and MTC would cease to be an associate of MECPL. Cash consideration of Rs 58.89 crore to be received by MECPL. The expected date of completion of sale/disposal is around February, 2022.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.