Sumitomo Corp. (TYO:8053) and Isuzu Motors (TYO:7202) have reached an agreement to divest their full ownership shares in Indian commercial vehicle manufacturer SML Isuzu, selling them to domestic automaker Mahindra & Mahindra (NSE:M&M) by year-end.
Sumitomo will sell its 43.96% stake, while Isuzu will part with its 15% holding, in a transaction valued at 5.55 billion rupees, according to a statement last Friday.
SML Isuzu manufactures mid-sized trucks and buses under the Isuzu brand.
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