M&M to pick 88% in Plexion

M&A BANDWAGON CONTINUES TO ROLL

Mahindra & Mahindra ( M&M) today informed the BSE that it had entered into an agreement to acquire 88.41 per cent stake in Plexion Technologies, Mauritius from its promoters, J P Morgan group. The remaining stake in Plexion is held by the promoters.

Although the company did not divulge the financial details of the deal, informed sources pegged it at $ 10 million ( nearly Rs 46 crore).

Plexion is engaged in the business of computer aided engineering services. The company has operations in Asia, Germany, U.K and the US.

It is focused on aerospace and automotive Engineering Business verticals and its delivery model includes offshore and onsite services. I-Sec is the advisor to M&M

Hemant Luthra, president, Mahindra Systems and Automotive Technology Sector, of M&M said: "The acquisition of Plexion complements the capabilities of MES and provides additional resources that can be brought to bear to meet the increasing needs of OEM's like International Truck and others."

M K Padmanabhan, MD and founder of Plexion, said the partnership with M&M will facilitate the injection of capital and skills to address the growing needs of the Aerospace vertical that the company pioneered.