Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES) has completed its acquisition of MITRA Agro Equipments Private Limited (M.I.T.R.A) by increasing its shareholding from the existing 47.33 per cent to 100 per cent, making it a wholly owned subsidiary of Mahindra & Mahindra Ltd. (M&M). As part of this acquisition, Mahindra fully bought out Omnivore’s stake in the business.
Post-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.
Hemant Sikka, President, Farm Equipment Sector, Mahindra & Mahindra Ltd, reveals that Mahindra aims to grow its farm machinery business by 10x in 5 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.
As per Dev Bajaj, Founder, M.I.T.R.A, 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. He appreciated the M.I.T.R.A team and Omnivore for staunchly backing the vision of improving Indian agriculture with innovation.
Through Mahindra’s expansive dealer network, M.I.T.R.A’s cutting-edge technology will now be accessible to horticulture farmers across India, reveals Mark Kahn, Managing Partner, Omnivore. As the first institutional investor in the start-up, this is a very proud moment for Omnivore and agritech in India.