November 22, 2008

Eicher plans to buy back 3.6% stake from Daimler

ET reported that Eicher Motors Limited wants to buy back the 3.6% stake held by German auto major Daimler Motors.

Mr Siddhartha Lal MD & CEO of Eicher Motors said that "We are looking at buying back Daimler’s stake. We have not made any formal offer, but will take the opportunity as and when it arises."

Lal family, the promoters of Eicher Motors have the right of first refusal on Daimler’s 3.6% stake in EML. As of now, the Lal family’s total holding in EML is 58.2% stake. Daimler’s stake in EML was earlier held by Eicher’s technology partner Mitsubishi Motors of Japan.