Punjab Tractors Ltd to merge with Mahindra & Mahindra Ltd

Mumbai: The Board of Directors of M&M and PTL today unanimously approved a scheme of amalgamation of Punjab Tractors Limited (PTL), an M&M subsidiary, with Mahindra & Mahindra Ltd. Mahindra owns a majority stake in Punjab Tractors Limited and had earlier acquired 63.33% stake in PTL in July 2007. MHFL, a wholly owned subsidiary of M&M, currently holds 1.31% of PTL, and is also in the process of being merged into M&M.

Punjab Tractors Ltd. records 74 % growth in Tractor Sales in June 2008

Chandigarh: Punjab Tractors Ltd (PTL), a subsidiary of Mahindra & Mahindra Ltd., recorded sales of 3443 units in June 2008.

Domestic sales of tractors of Punjab Tractors Ltd. in June 2008 stood at 3385 nos., a growth of 73% over the corresponding month last year. During this fiscal, PTL’s cumulative sales grew by 77% in the domestic market while total sales including exports grew by 74% in June ‘08, and 77% cumulatively.