Mahindra & Mahindra (M&M) has acquired 98.6% shares of UK-based Stokes group.According to a release issued by M&M to the BSE today, Stokes group is the largest automotive forging company in the UK with state-of-art net shaped forging technology."The group includes three companies with two manufacturing companies situated at Walsall and Dudley, near Birmingham. Stokes operates with OEM & tier-1 suppliers, and major customers include Koyo Bearings, GWK Group, Land Rover, ZF, Bosch, Benteler, Visteon, Ford and Jaguar. Turnover of Stokes group was GBP 25 million for the year ended December 31, 2004," the release added.The acquisition further strengthens Mahindra Systems and Automotive Technologies (MSAT), the release said.Anand Mahindra, vice chairman & managing director of M&M, said: "We believe the Stokes acquisition demonstrates our commitment to build a world-class business that serves global customers and enhances value for M&M stakeholders."
