M&M exits foundry business in Turkey

Mahindra & Mahindra on Friday said it has divested its shareholding in a step-down subsidiary in the industrial manufacturing space, Erkunt Foundry to a Hisarlar Makina Sanayi-led consortium.

Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML), a wholly owned subsidiary of the company, along with its wholly owned subsidiary, Erkunt Traktor Sanayii Anonim Sirketi (Erkunt Traktor) have on April 10, 2026 entered into a stock purchase agreement (SPA) with a consortium led by Hisarlar Makina Sanayi, Mahindra & Mahindra (M&M) said in a regulatory filing.

Under the SPA, MOICML, and Erkunt Traktor have agreed to sell their entire stake aggregating to 99.04 per cent of the shareholding in Erkunt Sanayi Anonim Sirketi (Erkunt Foundry) to the consortium of Hisarlar Makina Sanayi ve Ticaret AS, Oguzhan Sahinkaya and Bunyamin Sarioglu, it added.