Mahindra selling Otis stake to Otis U.S.A.
BOMBAY, July 23 (Reuters) - India's Mahindra group is selling its 25 percent stake in Otis Elevator Company (India) Ltd to Otis Elevator Company U.S.A, a Mahindra group spokesman said on Friday.
''The American firm requested the Mahindra group to divest its holding in Otis Elevator Company (India) in its favour and we have decided to respond to the request in the long term interests of the Indian company,'' the spokesman told Reuters.
''The deal is subject to all statutory approvals,'' he said.
Otis Elevator Company, U.S.A., a part of United Technologies Corp (NYSE:UTX - news), currently owns a 45 percent stake in the Indian unit, the spokesman said.
He said Mahindra would release a statement later.
The Mahindra group has interests in automobiles, hotels, steel, telecommunications and software. Its flagship tractors and utility vehicles maker Mahindra and Mahindra Ltd is a component of the benchmark 30-share Bombay exchange index.
The Otis share price rose 8.0 percent on the Bombay exchange to 503.7 rupees, up 37.3 rupees from Thursday, triggering a circuit breaker. |
