Mahindra fully acquires MITRA Agro Equipments

Mahindra & Mahindra on Monday stated it has absolutely received MITRA Agro Equipments Pvt Ltd for an undisclosed amount. The corporation`s Farm Equipment Sector (FES) has expanded its stake in MITRA Agro Equipments Pvt Ltd (M.I.T.R.A) to a hundred in keeping with cent from the prevailing 47.33 in keeping with cent.

As a part of the purchase, Mahindra has absolutely sold out Omnivore's stake withinside the enterprise.

The corporation, however, did now no longer percentage economic details.

"Mahindra targets to develop its farm equipment enterprise with the aid of using 10-fold in five years and is making fast development closer to reaching this goal. The extra percentage buy in M.I.T.R.A might resource Mahindra's boom and enlargement into the developing horticulture market," Mahindra & Mahindra Farm Equipment Sector President Hemant Sikka stated in a statement.

Founded in 2012 with the aid of using Devneet Bajaj, M.I.T.R.A is a main participant in excessive precision orchard sprayers, a emblem for farmers developing end result like grapes, pomegranate and oranges.

The corporation has greater than tripled its sales from FY18 to FY22 and now employs over two hundred human beings and has efficiently commenced exporting its merchandise globally.

After the purchase with the aid of using Mahindra, M.I.T.R.A plans to boost up the enlargement of its product portfolio along its community in India and foreign places markets.

"After 11 years of constructing a passionate team, greater than ten progressive merchandise, and a thorough rural income strategy, the adventure of exiting M.I.T.R.A to M&M is gratifying," M.I.T.R.A Founder Dev Bajaj noted.