Mumbai, July 30 -- The acquisition will be executed through a Business Transfer Agreement (BTA) and is subject to shareholders' approval. Mahindra & Mahindra (M&M), which holds a 58.97% stake in SML Mahindra, is the company's promoter, making the transaction a related-party deal. The company said the acquisition is being undertaken on an arm's length basis.

The acquisition covers MTBD's employees, assets, intellectual property, licences, permits, contracts and liabilities as a going concern.

MTBD offers a comprehensive portfolio of light, intermediate and heavy commercial trucks and buses for cargo and passenger transportation, with a focus on fuel-efficient, technologically advanced and reliable mobility solutions. The business sold 14...