& Mahindra Ltd (M&M Ltd) has announced its foray into Turkey, through
the acquisition of Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar),
a farm equipment company based in Turkey.
Under the transaction, which
is expected to close by April 2017, 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 balance shareholding will be with European Bank for
Reconstruction and Development (EBRD), 18.7%; and the founding Turker family,
6.2%. Further, as part of the transaction, Darby Converging Europe Fund III
will exit its investment.
Commenting on the development,
Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. 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. 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
Rajesh Jejurikar, President
and Chief Executive, Farm Equipment & Two Wheeler, M&M Ltd. 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 this entity a global manufacturing
base for various farm implements and tractor cabins”.
Hisarlar, incorporated in
1977, is a key player in the agriculture machinery industry, tractor cabins and
components for off highway machinery.
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