M&M to buy Turkish tractor firm for Rs 815 crore

Firm to acquire firm's foundry business for Rs 328 cr

The country’s biggest tractor maker Mahindra & Mahindra (M&M) will be acquiring Turkey’s fourth-largest tractor maker, Erkunt Traktör Sanayii and its foundry business, for Rs 815 crore in an all-cash deal. This is the company’s second acquisition in Turkey. 

M&M will be purchasing 100% stake of Erkunt Traktor Sanayi for Rs 487 crore. The company will also be acquiring 80% stake of Erkunt’s foundry unit, Erkunt Traktor Sanayi, for Rs 328 crore. The company will make efforts to acquire the remaining 20% in the foundry business before the close of transaction on November 30. Turkey’s Armagan family, who incorporated the