Kinetic Engineering (KEL) has divested its entire stake in Mahindra Two Wheelers (MTWL) and sold equity stake in the company to Samena Capital, a private equity investment group. Kinetic will receive around R182 crore from the sale. After NCD repayments and cost of financing, KEL will get R109.80 crore, which it will use for its business operations.
Kinetic Motor Company (KMCL) sold its two-wheeler business assets to Mahindra Two Wheeler for cash as well as a 20% equity stake in 2008. Subsequently, KMCL was merged with Kinetic Engineering Limited in 2012 and the MTWL stake was transferred to KEL.
Sulajja Firodia Motwani, Vice Chairperson of Kinetic Engineering said, Kinetic was now focused on building its automotive systems business.
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