M&A

M&A

Mahindra acquires subsidiary Hisarlar's farm equipment unit as it reshuffles business in Turkey

Press Release,   Economic Times  

Publicly listed Mahindra and Mahindra has reshuffled its business in Turkey by acquiring the entire agriculture machinery business of its subsidiary Hisarlar while relinquishing its stake in other businesses of the Turkish company. As part of the reshuffle, M&M subsidiary Erkunt Traktor Sanayi A.S. will acquire the complete agricultural machinery business of Hisarlar including select assets, intellectual property (IP) and brand use rights. Meanwhile, Erkunt and another Mauritius-based subsidiary of M&M sold their aggregate stake of 94.3% in Hisarlar for 6.6 million Turkish Lira (INR 5.7 crore). With this, the Mahindra Group will exit Hisarlar's metal fabrication business. Mahindra had acquired a 75.1% stake in Hisarlar in 2017 to foray into the Turkish and European markets.