M&A M&A
M&M to sell 51% stake in aerospace arm to Brazil’s Embraer for Rs.5,100-Cr
Source Economic Times (opens in a new tab)BSE Announcement (opens in a new tab)
Mahindra & Mahindra is to sell a 51% equity stake in Mumbai-based Novavaayu Aerospace to Brazil-based Embraer for about INR 5,100 crore. Novavaayu Aerospace is a wholly owned subsidiary of Mahindra Defence Systems Ltd (MDSL), which is itself a wholly owned subsidiary of Mahindra & Mahindra.The development comes as Mahindra and Embraer advance their partnership to position the Brazilian manufacturer's C-390 Millennium military transport aircraft for the IAF's proposed medium transport aircraft requirement.