M&M buys out VC firm Omnivore's stake to acquire agri-tech firm MITRA

Deal size not disclosed, will make MITRA a wholly-owned subsidiary of M&M; is in sync with Mahindra's plan to grow revenues from farm machinery 10 fold in next five years

Keeping in line with its strategy to grow its revenues from the farm machinery segment 10 fold within the next five years, Mahindra and Mahindra (M&M) acquired agro-equipment maker MITRA Agro Equipments after buying out venture capital firm Omnivore’s stake in the company.

M&M Farm Equipment Sector on Monday signed definitive documents to raise its shareholding in MITRA Agro Equipment from the existing 47.33 per cent to 100 per cent, making it a wholly-owned subsidiary of M&M. As part of the deal, M&M fully bought out Omnivore’s stake in the business. The deal size was not disclosed.

Last February, M&M