Mahindra & Mahindra (M&M) on Friday announced the divestment of its stake in its step-down subsidiary, Erkunt Foundry, as part of its strategic exit from the industrial manufacturing segment in Turkey.

The transaction was executed through its wholly owned subsidiary, Mahindra Overseas Investment Company (Mauritius) Ltd (MOICML), along with Erkunt Traktor Sanayii Anonim Sirketi, which entered into a stock purchase agreement with a consortium led by Hisarlar Makina Sanayi.

Under the agreement, the entities will divest their entire 99.04% shareholding in Erkunt Sanayi Anonim Sirketi (Erkunt Foundry) to the Hisarlar-led consortium, which includes Oguzhan Sahinkaya and Bunyamin Sarioglu.

The move marks M&M’s exit from the foundry business in Turkey as part of its broader portfolio rationalisation strategy.