M&M WALKS OUT OF GTCL DIVESTMENT
Article Abstract:
Mahindra and Mahindra (M&M) has decided not to acquire the 51 percent stake of the Government of Gujarat in Gujarat Tractor Corporation Limited (GTCL). Earlier, Mahindra and Mahindra had been selected to take over Gujarat Tractor Corporation Ltd through bidding. Though Mahindra and Mahindra had quoted Rs13 per share, it agreed to the State Government's price of Rs20 per share. There was disagreement between Mahindra and Mahindra and the Gujarat Government on the price and time of acquiring the remaining 49 percent shares of the Government. This caused Mahindra and Mahindra to pull out of the Gujarat Tractor Corporation Ltd divestment deal. (kp) (kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
M&M TO PICK UP 60% STAKE IN GTCL
Article Abstract:
Mahindra & Mahindra (M&M) will acquire 60 percent of the equity in Gujarat Tractors Corporation Limited (GTCL). It also has the option to pick up the remaining 40 percent in five years time. GTCL was put up for sale after the Asian Development Bank (ADB) directed the Gujarat state government to move out of some state- owned enterprises. This was a precondition for the release of the second tranche of a $250 million public sector restructuring loan by the ADB. (uh)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: USA'S AIR PRODUCTS TO BUY 23% IN INOX. MITSUI TO PICK UP 5% STAKE IN DUPONT'S INDIAN ARM. ROHM & HAAS MAY TAKE OVER HMG POLYMER BUSINESS
- Abstracts: AAIFR OKAYS MUNAK CHEM'S REVIVAL PLAN GOVT TO DIVEST ICI INDIA STAKE VIA OPEN AUCTION
- Abstracts: VISA, IBM TAKE STAKE IN EQUIFAX VENTURE. CDC TO TAKE MAJOR STAKE IN SATYAM INFO