India's Mahindra in pact to buy Kinetic Motor-paper

Newswire

MUMBAI, May 22 (Reuters) - India's Mahindra & Mahindra plans to acquire 76 percent in two-wheeler maker Kinetic Motor Co for 1.2 billion rupees ($28 million), the Economic Times said on Thursday, citing sources. Mahindra, India's top utility vehicle maker, had signed a term sheet and was doing due diligence, and "a deal could fructify in the next two months", the paper said, citing unidentified sources. Kinetic Motor's Managing Director Sulajja Firodia Motwani told the paper: "This ...

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