The Mahindra group announced on Friday the sale of the cable accessories division of its Pune-based Mahindra Engineering and Chemical Company Ltd to 3M Electro and Communication India Pvt Ltd.
While the terms of transaction were not disclosed, MECP Director Raghu Murti said the sale was in line with Mahindra and Mahindra's strategic intent to exit non-core business.
The Pune division is a leading supplier of accessories in India, including that of electrical cable jointing kits. MECP and 3M Elector and Communication India Pvt Ltd had agreed on the transaction in the latter part of October.
3M's electrical markets division designs, manufactures and markets products for electrical construction, industrial maintenance, utility and the power industry among other related businesses.
3M Managing Director Amit Laroya said the acquisition will provide the company with a local manufacturing facility, distribution network and a strong local brand presence.
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