Mahindra & Mahindra Ltd.’s Farm Equipment Sector on March 20 completed its acquisition of MITRA Agro Equipments Private Limited (M.I.T.R.A) by increasing its shareholding from the existing 47.33% to 100%, making it a wholly owned subsidiary of Mahindra & Mahindra Ltd.
Founded in 2012 by Devneet Bajaj, M.I.T.R.A is the Indian market leader in high precision orchard sprayers and a trusted brand for farmers growing fruits like grapes, pomegranate and oranges. The company has more than tripled its revenue from FY18 to FY22 and now employs over 200 people and has successfully started exporting its products globally. Post-acquisition by Mahindra, M.I.T.R.A plans to accelerate the expansion of its product portfolio alongside its network in India and overseas markets.
Hemant Sikka, president of the Farm Equipment Sector, Mahindra & Mahindra Ltd., said, “Mahindra aims to grow its farm machinery business by 10 times in 5 years and is making rapid progress towards achieving this goal. The additional share purchase in M.I.T.R.A would aid Mahindra’s growth and expansion into the growing horticulture market.”
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