Mahindra and Mahindra Ltd (M&M) has sold its 15.88 per cent
stake in Ford India Pvt Ltd.
"Both the companies today operate in a much different
business environments and the time has arrived for both of
them to manage their goals independently", the company said
in a communique to the Bombay Stock Exchange today.
This association did not have any operational or competitive
restrictions on either company. Thus, this divestment is a
simple change in portfolios, it said.
"Since the company embarked on concentrating its resources on
development and production of Scorpio, it viewed its stake in
Ford as a portfolio investment," it added. (With PTI inputs)
