Ashok Leyland joins race for Punjab Tractors' stake

Our Corporate Bureau
13 February 2007

Mumbai: Hinduja group flagship company Ashok Leyland (ALL) has joined the race to acquire stake in Punjab Tractors Ltd (PTL).

Besides the 29 per cent stake held by Actis in Punjab Tractors which is on the block, another stakeholder, the Burman family - promoters of FMCG major Dabur, which holds a 14.5 per cent stake in Punjab Tractors - is also said to be interested in selling its stake.

ALL, India's second-biggest bus and truck maker, said it has submitted a non-binding bid for a 29 per cent stake in Punjab Tractors Ltd held by private equity fund Actis and the stake held by Dabur promoters, the Burman family.

"Yes... We have bid for both Actis' and Burman's stake in Punjab Tractors," R Seshasayee Managing Director, Ashok Leyland, said here.

Almost all major auto manufacturers, including the Tatas, Fiat, Mahindra and Mahindra are now in the race for the Punjab Tractors stake.

Utility vehicles major Mahindra and Mahindra had last week expressed interest in acquiring the Punjab Tractors stake and had put in a non-binding bid.