Sanyo Special Steel Co., Ltd. (TSE:5481) agreed to acquire additional 22% stake in Mahindra Sanyo Special Steel Pvt Ltd from Mahindra & Mahindra Limited (NSEI:M&M) for INR 1.5 billion on February 9, 2018. Under the transaction, Sanyo Special Steel Co., Ltd. acquires additional 2.6 million shares at INR 555 per share. Post transfer, Sanyo Special Steel Co., Ltd. will increase its holding to 51% in Mahindra Sanyo Special Steel Pvt Ltd. During the financial year ended March 2017, Mahindra Sanyo Special Steel Pvt Ltd reported revenues of INR 9.2 billion and net assets of INR 1.8 billion.

The transaction is depending upon receipt of requisite approvals. The transaction is expected to be completed on March 31, 2018. AZB & Partners acted as legal advisor to Sanyo Special Steel Co., Ltd.