India-based auto company Mahindra & Mahindra (M&M) said it has agreed to sell control of its Japanese specialty steel business to joint venture partner Sanyo Special Steel Co. for Rs 146 cr ($23 million). Mahindra & Mahindra will sell 22 percent of the company, in which it used to own a 51 percent stake, and reduce its share to 29 percent.
M&M is India’s largest maker of sports utility vehicles, with a large presence in the commercial and agricultural auto markets.
Sanyo Special Steel Co., Ltd. is a Japan-based company mainly engaged in the steel, special material and forging sectors.