The Hindu : Business : M&M, ICICI Venture to buy Italian company

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Thursday, Apr 03, 2008
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M&M, ICICI Venture to buy Italian company

NEW DELHI: Mahindra & Mahindra on Wednesday said it, along with ICICI Venture Funds Managements, has signed a definitive agreement to acquire Italian gear manufacturer Metalcastello for an undisclosed amount.

“Together with ICICI Venture we expect Metalcastello SpA, an outstanding company with a 50 years history of serving its customers profitably, to help replicate in the gear vertical what Mahindra Forging Ltd (MFL) has achieved in the forgings space.

The customer base of both MFL and Metalcastello is complimentary and will enhance the synergies that we are already harvesting,” Mahindra Systech President Hemant Luthra said in a statement.

This acquisition augments Systech’s ability to serve its customers from multiple locations, including Italy, the U.K., Germany and India for their auto component needs.

Commenting on the acquisition, Mahindra & Mahindra Group Vice Chairman Anand Mahindra said, “Mahindra Systech has the mandate to build globally competitive businesses in selected verticals and this acquisition greatly enhances our capability to do so.” — PTI

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