Mahindra to buy Amforge unit, invest 1.4bln rupees

Newswire

BOMBAY, May 30 (Reuters) - India's biggest tractor and utility vehicles maker, Mahindra & Mahindra Ltd. , told the Bombay exchange on Monday its board had approved investing up to 1.4 billion rupees ($32.2 million) in its subsidiary. The funds will help Mahindra Automotive Steel Pvt. Ltd. in its acquisition and growth plans, the company said. The board also approved the acquisition of the Chakan unit of Amforge Industries Ltd. , which will be merged with Mahindra Automotive Steel. ...

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