Mahindra & Mahindra’s Farm Equipment Sector (FES) today completed its acquisition of MITRA Agro Equipments by increasing its shareholding from the existing 47.33% to 100%, making it a wholly owned subsidiary of Mahindra & Mahindra. As part of this acquisition, Mahindra's FES fully bought out Omnivore’s stake in the business.
Founded in 2012 by Devneet Bajaj, MITRA is the Indian market leader in high-precision orchard sprayers. The company has more than tripled its revenue from FY18 to FY22 and now employs over 200 people, and has successfully started exporting its products globally.
Hemant Sikka, President, FES, Mahindra & Mahindra, said, “Mahindra aims to grow its farm machinery business by 10x in five years and is making rapid progress towards achieving this goal. The additional share purchase in MITRA would aid Mahindra’s growth and expansion into the growing horticulture market.”
Dev Bajaj, Founder of MITRA, added, “After eleven years of building a passionate team, more than ten innovative products, and a radical rural sales strategy, the journey of exiting MITRA to M&M is gratifying. I am thankful to the MITRA team and Omnivore for staunchly backing the vision of improving Indian agriculture with innovation.”
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