M&M to buy stake in Mitsubishi Heavy's farm machinery unit....

Zebra

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http://www.business-standard.com/ar...avy-s-farm-machinery-unit-115052100387_1.html


M&M to buy stake in Mitsubishi Heavy's farm machinery unit
To buy 33% stake in the unit for $25 million


BS Reporter | Mumbai
May 21, 2015
Last Updated at 12:06 IST

Mahindra & Mahindra and Tokyo-based Mitsubishi Heavy Industries (MHI) today entered into a strategic partnership for agricultural machinery.
Under the definitive agreement, M&M will invest $25 million (Rs 160 crore) for acquiring 33% voting stake in MHI subsidiary, Mitsubishi Agricultural Machinery Co (MAM) through fresh issue of common shares and Class A (non voting) shares of MAM.

The deal is expected to close by October 1. The new funding will be used to increase MAM's capital base.

MAM is a full range agri-machinery company, producing and selling tractors, combine harvesters, rice transplanters and other agri-machinery. The company generated revenues of about $408 million in 2014-15, according to a statement from M&M.

Rajesh Jejurikar, president and chief executive (farm equipment and two-wheeler) M&M said, "This will enable strategic growth avenues for MAM through Mahindra USA, China and other international markets. It will also provide a platform for both the companies to leverage technology and product development synergies."
 

Ancient Indian

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There is demand for farming machinery in India.

It will definitely help the Agri sector.
 

sorcerer

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Mechanization of Indian Agri sector ..the sector needed such reforms at large scale.
 

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