By IANS
Mumbai : Auto major Mahindra & Mahindra in collaboration with ICICI Venture Funds Management Ltd has decided to acquire 100 percent stake in leading Italian gear manufacturer Metalcastello Spa, it was announced Wednesday.
The two firms have formed a consortium for the acquisition and have signed a deal, whereby the proposed acquisition of Metalcastello will help Mahindra Forgings (MFL) in enhancing the Mahindra Systems and Technologies (Mahindra Systech), the firm said in a statement here.
The Mahindra group already holds a majority stake in Rajkot-based gear manufacturing company Mahindra SAR Transmission Ltd.
The acquisition of Metalcastello will help Mahindra’s Systech’s in catering to its customers from multiple locations like Italy, Britain and Germany for their component needs, the statement said.
Mahindra Systech has of late been on a foreign acquisition spree for the expansion of its casting and forging plants.
The firm said that Metalcastello, based near Bologna, has revenues of around $100 million.