M & M To Transfer Bleeding Musco To Subsidiary

Automobile manufacturer Mahindra & Mahindra Ltd (M&M) will be transferring its loss making associate company Mahindra Ugine Steel Co Ltd (Musco) to its subsidiary Mahindra Holdings & Finance Ltd (MHFL).

Under the plan MHFL will be acquiring 49.28 per cent of equity of Musco, from M&M and has received the Securities and Exchange Board of India