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|21st May 2015, 18:17||#1|
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Mahindra to acquire 33% stake in Mitsubishi Agricultural Machinery
Mitsubishi Heavy Industries Ltd. (MHI), and Mahindra & Mahindra (M&M), have entered into a strategic partnership in the agricultural machinery field. Under the definitive agreement signed today, Mahindra will invest US $ 25 million for acquiring 33% voting stake in Mitsubishi Agricultural Machinery Co. Ltd. (MAM), a subsidiary of MHI, through fresh issue of common shares and Class A (non-voting) shares of MAM. The deal is expected to be closed by October 1, 2015.
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.
Mahindra is the world’s largest tractor manufacturer by volume. MAM has been supplying OEM tractors to Mahindra USA (subsidiary of M&M in the US) as well as providing technical license to Mahindra for walk-behind rice planters and new tractor in India.
Under the new partnership both companies will jointly develop products to address global opportunities in the tractor and agri-machinery space. In addition, the partnership is also expected to enable MAM and Mahindra to improve cost competitiveness though joint procurement and optimize the supply chain.
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