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Mumbai, July 31 Mahindra & Mahindra has been approached by a private equity firm which is currently the owner of Romanian tractor manufacturer Tractorul Brasov SA for a buyout of the Romanian company’s manufacturing assets.

Earlier, M&M had wanted to buy the Romanian tractor company but had failed to because the previous owner, the Romanian Government, had rejected the debt guarantees as sought by the Indian company, said an M&M official on the sidelines of the company’s AGM here on Monday.

M&M had proposed that the Romanian Government write off Tractorul’s debt liability of €180 million.

After talks between the two parties failed, the Government had approached M&M with a fresh proposal regarding the debt issue. But after that the ownership of the company changed.

M&M plans a capital expenditure of Rs 6,400 crore for the next three years for expansion of capacities, investment in research and development (R&D) and product development.

The investment would largely cater to the auto division while part of it would cater to the tractor division, said senior officials.

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

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