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Mahindra & Mahindra Ltd on Friday (April 10) said its wholly-owned subsidiary Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML), and its subsidiary Erkunt Traktör Sanayii Anonim Şirketi have entered into a stock purchase agreement to sell their entire 99.04% stake in Erkunt Sanayi Anonim Şirketi (Erkunt Foundry).
The agreement was signed on April 10, 2026, with Hisarlar Makina Sanayi ve Ticaret AŞ and its shareholders, Oguzhan Sahinkaya and Bunyamin Sarioglu. The buyers are not related to the promoter, promoter group or group companies of Mahindra & Mahindra.
The consideration to be received by MOICML and Erkunt Traktor for the sale is Turkish lira 1,00,000, equivalent to about ₹2,13,000 at the prevailing foreign exchange rate. Prior to the closing of the transaction, MOICML will infuse Turkish lira 1.2 billion, equivalent to about ₹256 crore, at the prevailing exchange rate, for extinguishing external debt and funding the business until completion of the transaction.
Also Read: M&M to exit agri-machinery business in Japan; stock falls over 3%
The expected date for completion of the sale is July 30, 2026. Upon completion, Erkunt Foundry will cease to be a subsidiary of Mahindra Overseas Investment Company (Mauritius) Ltd and a step-down subsidiary of Mahindra & Mahindra.
For the year ended March 31, 2025, Erkunt Foundry reported revenue from operations of ₹821 crore. After elimination of inter-company transactions with the Mahindra Group, the entity contributed ₹771.69 crore, or 0.49%, to the company’s consolidated turnover.
The net worth of Erkunt Foundry stood at ₹382.29 crore as of March 31, 2025. After elimination of inter-company balances and adjustments with the Mahindra Group, it contributed ₹377.28 crore, or 0.49%, to the consolidated net worth of the company excluding non-controlling interest. The net worth of Erkunt Foundry as of December 31, 2025, was nil.
Also Read: M&M Financial Q4 update: Disbursements rise 11%; asset quality improves
Mahindra & Mahindra said the exit from the foundry business is in line with its capital allocation framework. The transaction does not fall within related party transactions.
Shares of Mahindra and Mahindra Ltd ended at ₹3,261.80, up by ₹94.50, or 2.98%, on the BSE today, April 10.
The agreement was signed on April 10, 2026, with Hisarlar Makina Sanayi ve Ticaret AŞ and its shareholders, Oguzhan Sahinkaya and Bunyamin Sarioglu. The buyers are not related to the promoter, promoter group or group companies of Mahindra & Mahindra.
The consideration to be received by MOICML and Erkunt Traktor for the sale is Turkish lira 1,00,000, equivalent to about ₹2,13,000 at the prevailing foreign exchange rate. Prior to the closing of the transaction, MOICML will infuse Turkish lira 1.2 billion, equivalent to about ₹256 crore, at the prevailing exchange rate, for extinguishing external debt and funding the business until completion of the transaction.
Also Read: M&M to exit agri-machinery business in Japan; stock falls over 3%
The expected date for completion of the sale is July 30, 2026. Upon completion, Erkunt Foundry will cease to be a subsidiary of Mahindra Overseas Investment Company (Mauritius) Ltd and a step-down subsidiary of Mahindra & Mahindra.
For the year ended March 31, 2025, Erkunt Foundry reported revenue from operations of ₹821 crore. After elimination of inter-company transactions with the Mahindra Group, the entity contributed ₹771.69 crore, or 0.49%, to the company’s consolidated turnover.
The net worth of Erkunt Foundry stood at ₹382.29 crore as of March 31, 2025. After elimination of inter-company balances and adjustments with the Mahindra Group, it contributed ₹377.28 crore, or 0.49%, to the consolidated net worth of the company excluding non-controlling interest. The net worth of Erkunt Foundry as of December 31, 2025, was nil.
Also Read: M&M Financial Q4 update: Disbursements rise 11%; asset quality improves
Mahindra & Mahindra said the exit from the foundry business is in line with its capital allocation framework. The transaction does not fall within related party transactions.
Shares of Mahindra and Mahindra Ltd ended at ₹3,261.80, up by ₹94.50, or 2.98%, on the BSE today, April 10.
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