Mahindra & Mahindra Ltd.’s unit agreed to sell its entire 30.83% stake in associate company New Delhi Centre for Sight Ltd. (NDCFS) for 425.39 crore Indian rupees ($51 million).

The unit Mahindra Holdings Ltd. today signed the agreement to sell the stake in NDCFS to Space Investments Ltd., Defati Investments Holdings BV and Infinity Partners, the Indian conglomerate said in a stock exchange announcement.

Space Investments will pick a 25.70% stake in NDCFS for 354.56 crore rupees. Defati Investments will acquire a 2.85% stake for 39.40 crore rupees, while Infinity Partners will buy a 2.28% stake in NDCFS for 31.43 crore rupees.

NDCFS, whose revenue from operations stood at 395.39 crore rupees in the financial year ended 31 March 2023, will cease to be an associate company of Mahindra Holdings following the completion of the proposed transaction.

NDCFS constituted 0.16% in the consolidated net worth of Mahindra & Mahindra in FY23.

The deal is likely to conclude by 30 June, according to the statement.

Note: $1 = 83.5185 Indian rupees

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