 "M&M completes acquisition of 33% stake in Mitsubishi Agri")
M&M today completed $25 million acquisition of 33% stake in Mitsubishi Agricultural Machinery Co, which has been renamed as Mitsubishi Mahindra Agricultural Machinery Co.
Mahindra & Mahindra, which had announced the acquisition in May this year, said in a statement that the two companies entered into a capital tie-up through a third party allocation of new shares.
As a result of the capital infusion, Mitsubishi Heavy Industries now owns 66.7% and M&M 33.3% in Mitsubishi Agricultural Machinery (MAM).
Starting from October 1, 2015 the name of the company (MAM) has been changed to Mitsubishi Mahindra Agricultural Machinery Co, it said, adding a new organisational structure has also been announced.
Under the new structure, Katsumi Tottori, former President of MAM, has been appointed as CEO of the new entity, while Sudhir Jaiswal, ex-VP Commercial Business and Planning, International Operations of M&M, will be the CFO.
It further said Takahiro Hisano, former VP and General Manager of Development and Design at MAM, will be the CTO and Senior Vice-President, it added.
