India’s Mahindra buys Italian engineering svcs co

Mumbai: Mahindra & Mahindra, India’s top utility vehicle maker, said on Thursday it had signed an agreement to acquire Italy’s Engines Engineering SpA for an undisclosed sum.

The acquisition is subject to necessary approvals.

“Demand for offshoring of engineering services has been growing rapidly," Hemant Luthra, president of Mahindra’s components unit Systech, said in a statement.

The Italian firm, with revenues of about $12 million, is focused on developing motorcycle prototypes and two wheel design, it said.

Mahindra has acquired components makers in Europe in recent years to access new technologies and markets. In April a consortium of the vehicle maker and private equity firm ICICI Venture Funds agreed to buy Italian gear maker Metalcastello.

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