New Delhi, Mar 5: Automobile major Mahindra&Mahindra today received its board's approval for submission of a bid for acquiring 43 per cent stake in Punjab Tractors from private equity investor Actis and Burman family.
On February 9, the tractor maker's Chairman Keshub Mahindra said the company submitted a non-binding bid to buy stake of Burmans and Actis in Punjab Tractors.
Tata Motors, Ashok Leyland and Italy' SAME Deutz-Fahr are in race to pick up the 43 per cent stake, for a sum that could be over Rs 1,000 crore.
The Burman family, owner of the Dabur group, holds 14.5 per cent stake in Punjab Tractors while Actis holds 29 per cent. Life Insurance Corporation, General Insurance Corporation and IFCI collectively own 30.75 per cent stake in the enterprise.
Punjab Tractors with significant presence in North India, has a 14 per cent stake in Swaraj Mazda, 33 per cent in Swaraj Engines and 24 per cent in Swaraj Automotives.