New Delhi, Aug. 11: Japan’s Sumitomo Corporation plans to buy Mazda Motor Corporation’s stake in Swaraj Mazda at a price of over Rs 300 a share.

Sources say the purchase of 16.38 lakh shares of Mazda Motor will raise Sumitomo’s stake to 41 per cent, making it the single-largest shareholder of the company. Sumitomo now holds 25.4 per cent after acquiring Punjab Tractor’s 15 per cent earlier this year.

Punjab Tractor, which originally held 29.04 per cent in Swaraj Mazda, sold 15 per cent to Sumitomo for Rs 400 per share ? aggregating Rs 63 crore ? earlier this year.

As on June 30, 2005, Swaraj Mazda’s shareholding is as follows; Mazda Motor Corporation holds 15.6 per cent, Punjab Tractor owns 14.1 per cent, mutual funds and nationalised banks together have 5.5 per cent, foreign institutional investors hold 9.3 per cent and the balance 30.1 per cent is with the public.

Sources said Swaraj Mazda would soon announce the induction of a new technical partner, which will be brought in by Sumitomo. The technical partner is most likely to be Japanese automobile major Isuzu.

Incidentally, Swaraj Mazda’s technical assistance agreement with Mazda has already expired and Mazda too has withdrawn from the manufacture of commercial vehicles.

The induction of a new technical partner would help Swaraj Mazda roll out new commercial vehicles.

Established in 1983, Swaraj Mazda is a joint venture between Punjab Tractors and Japanese giants Mazda Motor Corporation and Sumitomo Corporation.

The company manufactures light commercial vehicles like trucks, buses, ambulance, police personnel carriers, water tankers and special vehicles.