The Indian founders of truck maker Eicher Motors have bought out Mitsubishi Motor Corporation’s 3.18% stake, the company said in a statement on Thursday.

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The deal value was not disclosed, Reuters reported. An Eicher spokeswoman said the amount was kept confidential under the sale agreement.


Mitsubishi is no longer involved with the company, Eicher Motors’ CEO Siddharth Lal told Indian news channel CNBC TV18.


The off-market transaction takes the Indian founders’ shareholding in Eicher Motors to 55.93%, Reuters noted.


Mitsubishi was one of the original founders of Eicher Motors along with Eicher Goodearth Investments.


Eicher Motors shares jumped over 11% after the announcement and later traded up 5.68% at INR628.50 in the Mumbai market, the report added.

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