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Mahindra & Mahindra inked a pact to acquire 43.3% stake in Punjab Tractors at a value of Rs 360 per share, on Mar. 9, 2007.
The company, along with its subsidiary, Mahindra Holdings and Finance agreed to acquire the stake from Actis Group and the Investment companies of the Burman family, subject to the receipt of requisite approvals.
Punjab Tractors is a significant player in the tractor industry, having been in operation since 1974. Its `Swaraj` brand of tractors and farm equipment enjoy strong brand loyalty with customers.
Khaitan & Co. were the legal advisors to the company, while Wadia Ghandy advised the sellers on legal matters.
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