Mahindra & Mahindra Fully Acquires MITRA Agro Equipments
The company's Farm Equipment Sector has increased its stake in MITRA Agro Equipments Pvt. Ltd. to 100% from the existing 47.33%.
![<div class="paragraphs"><p>An employee walks past a Mahindra TUV300 car at a showroom in Mumbai. [REUTERS/Danish Siddiqui/File Photo]</p></div>](https://media.assettype.com/bloombergquint%2F2022-05%2Fd61227e0-9e53-4abb-8922-eda2da3fbc12%2F2022_05_19T092932Z_688417225_RC28AU97P8U3_RTRMADP_3_VOLKSWAGEN_MAHINDRA_ELECTRIC_1_.JPG?rect=0%2C29%2C3500%2C1969&auto=format%2Ccompress&fmt=avif)
Mahindra & Mahindra on Monday said it has fully acquired MITRA Agro Equipments Pvt. Ltd. for an undisclosed amount.
The company's Farm Equipment Sector has increased its stake in MITRA Agro Equipments Pvt. Ltd. to 100% from the existing 47.33%.
As part of the acquisition, Mahindra has fully bought out Omnivore's stake in the business.
The company, however, did not share financial details.
"Mahindra aims to grow its farm machinery business by 10-fold in five years and is making rapid progress towards achieving this goal. The additional share purchase in M.I.T.R.A. would aid Mahindra's growth and expansion into the growing horticulture market," Mahindra & Mahindra Farm Equipment Sector President Hemant Sikka said in a statement.
Founded in 2012 by Devneet Bajaj, M.I.T.R.A. is a leading player in high-precision orchard sprayers and a brand for farmers growing fruits like grapes, pomegranates, and oranges.
The company has more than tripled its revenue from FY18 to FY22, now employs over 200 people, and has successfully started exporting its products globally.
After the acquisition by Mahindra, M.I.T.R.A. plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets.
"After eleven years of building a passionate team, more than ten innovative products, and a radical rural sales strategy, the journey of exiting M.I.T.R.A. to M&M is gratifying," M.I.T.R.A. founder Dev Bajaj noted.
