Mahindra & Mahindra has expanded its global reach by entering Turkey. The company has acquired a farm equipment firm.
Mahindra & Mahindra has acquired Hisarlar Makina Sanayi ve Ticaret Anonim Şirketi (Hisarlar), a farm equipment company. The deal is expected to be closed by April 2017.
After the completion of the deal, Mahindra will acquire 75.1 percent shares in Hisarlar for 71 million Turkish Lira (approximately Rs 126 crore. This venture will help Mahindra to grow its farm equipment business in Turkey and Europe.
With this deal, Mahindra & Mahindra will have the majority in the board and management of Hisarlar. As part of the deal, EBRD will increase its shareholding to 18.7 percent and will be eligible to nominate a Board Director.
Managing Director, Mahindra & Mahindra, Pawan Goenka said, "Mahindra is the world's No 1 tractor company by volume, with an on ground presence in India, USA, China and Japan, besides many other export markets. This acquisition is an important milestone in our globalisation journey."
President and Chief Executive, Farm Equipment and Two Wheeler, M&M, Rajesh Jejurikar 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."
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