M&M to sell residual 23% stake in Mahindra Sanyo Special Steel to JV partner for Rs.212-Cr

Mumbai-based automaker Mahindra & Mahindra (M&M) has agreed to sell its residual shares (constituting over 34.75 lakh shares and a 22.81% stake), in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), to Japan-based JV partner Sanyo Special Steel Co Ltd for INR 211.99 crore. Following the sale, the company will cease to have any holding in MSSSPL. For the year ended March 31, 2021, the turnover of MSSSPL stood at INR 834.43 crore.