Mahindra & Mahindra Ltd.’s (M&M) Farm Equipment Sector (FES) said it has completed its acquisition of MITRA Agro Equipments Private Ltd. (M.I.T.R.A) by increasing its shareholding from the existing 47.33% to 100%, making it a wholly owned subsidiary of M&M.
As part of this acquisition, M&M fully bought out venture capital firm Omnivore’s stake in the business.
The company, however, did not disclose the financial details of the transaction.
M.I.T.R.A is into high precision orchard sprayers and caters to farmers growing fruits such as grapes, pomegranate and oranges. Post-acquisition by M&M , M.I.T.R.A plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets.
Hemant Sikka, President, Farm Equipment Sector, M&M, said, “Mahindra aims to grow its farm machinery business by 10 times in 5 years and is making rapid progress towards achieving this goal. The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market.”
