Mumbai, March 31 (IANS) Leading automobile manufacturer Mahindra & Mahindra (M & M) on Thursday announced an acquisition of 35 percent stake in Finnish combine harvester company Sampo Rosenlew.
“We are now putting in place a strategy to build a full product line of farm equipment that goes beyond tractors and with this we will compete globally in both advanced and developing markets,” said M & M executive director Pawan Goenka in a statement.
Expected to close by September 30, 2016, the stake acquisition will mark Mahindra Group’s foray into global combine harvester business.
However, the value of the stake acquisition was not revealed.
Pori-based family-owned Sampo Rosenlew is world renowned for its mid-sized combine harvesters and aims to focus on combine harvester business in Asia, Africa and Eurasian Economic Union countries with its Indian partner.