M&M buys 26% stake in Omnivore-backed MITRA
Mumbai: Mahindra & Mahindra (M&M), part of the $19-billion Mahindra Group, on Tuesday announced its foray into the sprayers business under the aegis of its farm equipment sector through the acquisition of a 26 per cent equity stake in MITRA Agro Equipments, a Maharashtra-based AgTech company (MITRA).
Under the transaction, which is expected to close by February 2018, Mahindra will acquire 26 per cent equity stake in MITRA through a fresh infusion of capital into the company.
The association with Mahindra will help in accelerating the growth of MITRA, which designs and manufactures proprietary sprayers for horticulture crops.
Devneet Bajaj founded MITRA in 2012. Omnivore, an impact venture fund focused on food and agriculture, has been investing in MITRA since 2014. MITRA’s existing shareholders will continue in the company after Mahindra’s investment.