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Article: Mannesmann VDO Acquires Majority in International Instruments; Strengthening of VDO's Strategic Position in the Growth Market India
- Article from:
- PR Newswire
- Article date:
- January 16, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DUSSELDORF, Germany, Jan. 16 /PRNewswire/ -- The Mahindra Group and Mannesmann VDO, Germany, have today signed an agreement to transfer to VDO the 40% stake in IIL, so far held by the Mahindra Group. This increases VDO's participation in IIL to 80%, the remaining 20% are held by the Public. The transaction is still subject to the approval by the Reserve Bank of India.
Mannesmann VDO, the German automotive systems group and world market leader in instrumentation, has been associated with IIL for nearly four decades, of which more than one decade in close cooperation with the Mahindra Group. The Mahindra Group did not consider its IIL stake as core business. ...