Mahindra to sell Turkish arm for Rs 6 crore

CHENNAI: Four years after it bought Turkish farm equipment company Hisarlar, Mahindra & Mahindra (M&M) — through its subsidiaries Mahindra Overseas Investment Company (Mauritius) and Turkish tractor subsidiary Erkunt — has agreed to sell its entire stake of 94.3% in Hisarlar, for around Rs 5.6 crore. M&M is, however, retaining Hisarlar’s agri machinery business through Erkunt.

As part of the deal, Erkunt Traktor Sanayi, M&M’s Turkish tractor subsidiary, will acquire the agri machinery business from fellow M&M subsidiary Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar). Erkunt will acquire not only the agricultural machinery business of Hisarlar — including select related assets, intellectual property and brand use rights — it will also acquire select cabin manufacturing assets of Hisarlar.