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

Farm equipment major 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, M&M said in a statement on Wednesday.

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 (Rs 5.7 crores). With this, the Mahindra Group will exit Hisarlar’s metal fabrication business.

“Through this transaction, we have retained the core business of agricultural machinery and all the IP built over the years. This makes Erkunt Traktor a full range farm equipment OEM (original equipment manufacturer), ensuring that our dealers in Turkey and customers in Europe and other international markets continue to be serviced,” Hemant Sikka, president of the farm equipment sector at M&M said in a press statement.

Mahindra had acquired 75.1% stake in Hisarlar in 2017 to foray into the Turkish and European markets.

For all the latest Automobile News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.