Mahindra & Mahindra acquires 75% stake in Turkish company
Mahindra & Mahindra on Friday announced its foray into Turkey, through the acquisition of Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar), a farm equipment company based in Turkey.
As per the deal, Mahindra will acquire 75.1% equity stake in the Turkish company. The balance shareholding will be owned by European Bank for Reconstruction and Development (EBRD) around 18.7% and the founding Turker family will hold 6.2%, the company said in a press release.
Commenting on the transaction, Pawan Goenka, Managing Director, Mahindra & Mahindra, said, "Our 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 globalisation journey."
According to the release, Mahindra will invest 71 million Turkish Lira (or around $19 million) in Hisarlar as fresh equity infusion into the company.
At 0958 hours the shares of Mahindra & Mahindra were trading at Rs 1210 per piece, down 0.09% or Rs 1.05 on BSE.