Acquisition marks Mahindra’s entry into sprayers business
Mumbai: Mahindra & Mahindra Ltd (M&M Ltd), a part of the USD 19 billion Mahindra Group, today announced its foray into the sprayers business under the aegis of its Farm Equipment Sector through the acquisition of a 26% equity stake in M.I.T.R.A. Agro Equipments Pvt Ltd, a Maharashtra-based AgTech company (MITRA).
Under the transaction, which is expected to close by February 2018, Mahindra will acquire a 26% equity stake in MITRA through a fresh infusion of capital into the company. The association with Mahindra will help accelerate the growth of MITRA, which designs and manufactures proprietary sprayers for horticulture crops.
Devneet Bajaj founded MITRA in 2012 after working as a Principal at a private equity firm in the US and completing an MBA from INSEAD. Omnivore, an impact venture fund focused on food and agriculture, has been invested in MITRA since 2014. MITRA’s existing shareholders will continue to be shareholders in the company after Mahindra’s investment.
Commenting on the development, Rajesh Jejurikar, President, Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “Our partnership with MITRA will enable us to provide a complete spraying solution for orchard and vineyard farmers. In combination with Mahindra tractors, MITRA’s automatic sprayers will provide unmatched performance and economy and further enhance our presence in the farm implement space”.
Devneet Bajaj, the Founder and CEO of MITRA, said, “Five years ago, we had a simple vision to bring advanced technology critical for India’s horticultural growers. We have realized that vision in some key states. Now, we are looking forward to partner with Mahindra to scale up MITRA’s operations across India and in relevant export markets”.
Mark Kahn, Founding Partner of Omnivore, said, “We are thrilled that Mahindra will be working with MITRA to reach horticulture farmers across India. Partnerships like this will help India’s AgTech ecosystem realize its full potential”.
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