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M&M Acquire More Stake in MITRA Agro For $1 Million

12Mar By AnkitaNo Comments

ACQUISITION

M&M Acquire More Stake in MITRA Agro For $1 Million

M&M has signed a share purchase agreement to buy additional 34,249 equity shares of MITRA Agro Equipments Pvt Ltd, an associate of the company, from its existing shareholders. The company currently holds 26 percent of the equity share capital of Mitra, and after the completion of the above transaction, it will hold around 39 percent of the equity share capital of Mitra on a fully diluted basis, Mahindra & Mahindra said in a filing to the BSE. The purchase of additional equity shares in MITRA Agro Equipments Pvt Ltd would support the company's farm equipment business in the horticulture sector, it added. After the acquisition of equity shares, Mitra would continue to remain an associate of the company, Mahindra & Mahindra said. The purchase at which these shares are...

Mahindra & Mahindra Invests Canadian Data-Driven Farming Company

Mahindra and Mahindra (M&M) came to terms with Canadian IT firm Resson Aerospace Corporation in a share subscription agreement to acquire 10 per cent of its share capital for up to CAD 6.63 million. “The company has today signed a share subscription agreement for subscribing up to 8,00,402 Class C preferred shares of Resson Aerospace Corporation, Canada, which would result in the company holding up to 10 per cent of the share capital of Resson on a fully diluted basis,” M&M said in a regulatory filling. The amount of CAD 6.63 million which amounts to approximately 34.5 crore in Indian currency will be paid in cash. Resson is a machine learning and data-driven analytics company that makes use of the latest technological advancements to provide farmers with full insights abo...

Zoomcar To Raise $50M Funding From Existing And New Investors

Self-drive car rental service Zoomcar India Pvt Ltd is in talks to raise a funding of $50 million from new and existing investors, Mint reported. Citing two people aware of the development, the financial daily reported that Zoomcar's funding talks have progressed with M&M (Mahindra & Mahindra) the Indian multinational car manufacturing corporation headquartered in Mumbai. “They are in advanced talks with Mahindra and Mahindra, while there is interest from two other new investors, too,” the first person told the source. In its partnership with M&M, Zoomcar will be launching electric cars in Agra, Dehradun and Chandigarh.The company is currently running a pilot in Mysore, according to a third person familiar with the matter. The information has not yet been verified, as t...