Mahindra and Mahindra acquires 33% stake in Mitsubishi Agricultural Machinery Co

Mahindra and Mahindra today successfully completed an acquisition of 33% in Mitsubishi Agricultural Machinery Co. The firm has now been named Mitsubishi Mahindra Agricultural Machinery Co.

The acquisition, which was announced in May this year, was worth $25 million. Media reports suggest that both the companies have entered into a capital tie-up through third-party allocation of new shares.

As a result of the capital infusion, Mitsubishi Heavy Industries now owns 66.7% and M&M 33.3% in Mitsubishi Agricultural Machinery (MAM), reported Economic Times.

A new organisational structure has also been announced for Mitsubishi Mahindra Agricultural Machinery Co.

Under the new structure, Katsumi Tottori, former President of MAM, has been appointed as the CEO of the new entity, while Sudhir Jaiswal, ex-VP Commercial Business and Planning, International Operations of M&M, will be the CFO.

The report further stated that Takahiro Hisano, former VP and General Manager of Development and Design at MAM, will be the CTO and Senior Vice-President.