Mahindra & Mahindra (M&M) is all set to acquire a majority stake in DGP Hindoday Industries. According to a release issued by M&M to the BSE today, the company on Saturday signed a agreement to acquire 66% equity stake in DGP Hinoday Industries.M&M would buy shares from DG Piramal Group and India Private Equity Fund Mauritius. Hitachi Metals holds the balance 34% equity stake.Anand Mahindra, MD and vice-chairman, said, "The DGP Hinoday acquisition is integral to Systech's strategy of providing a one-stop-shop for sophisticated, high-end engineered products like forgings and castings, leveraging India's intellectual capital & low cost high quality manufacturing strengths".
