India: Mahindra plans to restructure automotive component businesses
Monday, October 15, 2007, AutomotiveWorld.com
Mahindra and Mahindra says it plans to restructure its six automotive components manufacturing companies to form an umbrella company, Systech, before launching it for an initial public offering, the Press Trust of India has reported.
The six companies are Mahindra Engineering, Mahindra Sourcing, Mahindra Forging, Mahindra Gears, Mahindra Composites and Mahindra Ugine Steel Products, the newswire notes. Of these, three are listed – Mahindra Composites, Mahindra Forging and Mahindra Ugine.
Hemant Luthra, president of Mahindra's Systems and Technologies division, said that Systech will enter the capital market at a later date, but "certainly not this year."
Published on Monday, October 15, 2007
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