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New Delhi Feb. 7 Mahindra & Mahindra Ltd has offered to buy a 42 per cent stake in Punjab Tractors Ltd. The utility vehicle and tractor major has made a non-binding bid to buy shares from private-equity fund Actis and the Burman family in Punjab Tractors, said the Mahindra Group Chairman, Mr Keshub Mahindra.

Actis holds about 28 per cent and the Burman family holds another 14 per cent in Punjab Tractors, Mr Mahindra said. "We have put in a non-binding bid on February 5," he told newspersons on the sidelines of a company event. He said the sale is likely to be completed by the end of February.

The Burman family, which has a controlling stake in consumer goods company Dabur India Ltd, in November 2005 had bought a 11.2 per cent stake in Punjab Tractors for Rs 145 crore.

Bio-diesel vehicles

Meanwhile, Mahindra & Mahindra on Wednesday unveiled the bio-diesel Scorpio and Bolero DI vehicles for usage trials. The Scorpio with indigenously developed CRDE technology is the first Asian vehicle in its class to run entirely on bio-diesel. M&M also unveiled a 5 per cent bio-diesel tractor along with the utility vehicles, another first in the country.

The vehicles were launched by the Minister for Petroleum and Natural Gas, Mr Murli Deora. "The Mahindra vehicles are a landmark in the Government's sustainable energy goals. Such innovative use of technology will serve as a benchmark in India's push for a sustained and more responsible use of valuable energy resources, will help energy security and national security," Mr Deora said at the launch.

More Stories on : Mergers & Acquisitions | HCV/LCV/Tractors | Mahindra & Mahindra Ltd

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