MUMBAI, January 16: Mahindra & Mahindra (M&M) today announced it is divesting its 40 per cent holding in International Instruments Ltd (IIL) in favour of IIL's German partner Mannesmann VDO AG, as part of its strategy to get out of non-core businesses.M&M and Mannesmann VDO, promoters of Bangalore-based IIL, signed an agreement to transfer Mahindra's 40 per cent stake to the latter subject to approval of the Reserve Bank of India (RBI).The transfer would raise the holding of Mannesmann VDO, the German Automotive Systems Group and the world market leader in instrumentation, to 80 per cent.
