Mahindra & Mahindra (M&M), country’s largest tractor maker will buy Turkey”s fourth largest tractor maker,Erkunt Traktor Sanayii and its foundry business in all cash deal for Rs.815 crore.
M&M will purchase 100% stake of Erkunt Traktor Sanayi for Rs.487 crore, while it will take 80% stake in its foundry unit, Erkunt Traktor Sanayi for Rs, 328 crore. This is company’s second acquisition in Turkey.
Turkey’s Armagan family, who started the company in 2003, will continue to run it with major support resources from India.
