Mahindra says as per the transaction, which is expected to close by this April , the firm will acquire a 75.1% equity stake in Hisarlar
Mumbai: Mahindra and Mahindra Ltd (M&M) has acquired Hisarlar Makina Sanayi ve Ticaret Anonim Şirketi (Hisarlar), a farm equipment company, marking its entry into Turkey, one of the largest markets for farm equipment, the company said in a statement on Friday.
As per the transaction, which is expected to close by this April, Mahindra will acquire a 75.1% equity stake in Hisarlar. The association will help in growing the farm equipment business in Turkey and Europe, the company said. The balance shareholding will be with European Bank for Reconstruction and Development (18.7%) and the founding Turker family (6.2%). Further, as part of the transaction, Darby Converging Europe Fund III will exit its investment.
Pawan Goenka, managing director, M&M, said the company’s strategy going forward is to globalise aggressively and also expand our portfolio to include various new categories of farm machinery. “This acquisition is an important milestone in our globalization journey," he said.
Hisarlar is a market leader with 45% market share in soil preparation equipment in Turkey. The acquisition of Hisarlar will enable Mahindra to expand its footprint in Turkey and Europe, making the entity a global manufacturing base for various farm implements and tractor cabins, said Rajesh Jejurikar, president and chief executive, farm equipment and two-wheeler, M&M. Hisarlar is a market leader with 45% market share in soil preparation equipment in Turkey.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!