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Japan’s Sumitomo Corp on Tuesday agreed to raise its stake in Indian truck maker Swaraj Mazda to 53.52%.
The Japanese firm will buy a 14.04% stake from Punjab Tractors, an unit of India’s top utility vehicle and tractor maker Mahindra & Mahindra Ltd, for INR 272 (rupees) ($5.65) a share, Swaraj Mazda said in a filing to the stock exchange. (Reuters)