M&M pays Rs 14.62cr for gear unit

Mahindra & Mahindra Ltd today executed definitive agreements, and has acquired 51% stake in SAR Transmission (STPL) for a consideration of Rs 14.62 crore.

This was announced in a release issued by M&M to the BSE today.

M&M had announced, on November 27 2004, the intention to acquire 51% in the Rajkot-based STPL - a joint venture of M&M and SAR Auto Products - to strengthen its presence in the gear components business.