Up to date: Dec 09, 2020 17:13 IST
Mumbai (Maharashtra) [India], December 9 (ANI): Mahindra & Mahindra has raised its shareholding in Finland-based Sampo Rosenlew Oy from 74.97 per cent to 79.13 per cent.
The price of buying 1,050 more equity shares is about Rs 31.15 crore, the corporate mentioned in regulatory filings at inventory exchanges on Wednesday.
Mahindra & Mahindra has been a shareholder in Sampo Rosenlew since July 2016. Since then the 2 corporations have intently labored on a global alliance to drive growth of their mix harvester and forest machine businesses in numerous components of the world.
According to Mahindra’s governance rules for affiliate corporations, Sampo continues to be run as a standalone, unbiased enterprise unit whereas concurrently leveraging synergies the place doable.
Sampo is creating a brand new vary of mix harvesters for creating markets and for specialty crops. Mahindra & Mahindra and Sampo will collectively concentrate on the mix and specialty harvester enterprise in Asia, Africa and Eurasian Financial Union nations and Latin America.
Mahindra & Mahindra is the world’s largest farm tractor producer by quantity. Harvesting equipment is the second largest class within the international farm tools trade.
Mahindra & Mahindra mentioned its scale in tractors and Sampo’s experience in mix harvesters permits each corporations to supply a broader product portfolio to handle the wants of farmers in numerous nations.
In India, the mix harvester market is at the moment a lot smaller than tractors however is rising quickly with the penetration of mechanisation.
“It’s crucial that the corporate builds a robust place on this product line for India and different export markets,” the corporate mentioned in a press release.
Based in 1853, Sampo clocked a turnover of 49 million euros (about Rs 421 crore) within the yr ended March 31. (ANI)