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M&M, ICICI Venture acquires Italy's Metalcastello
A consortium of Mahindra & Mahindra and ICICI Venture Funds Managements has acquired 100% stake in Italy's Metalcastello SpA, a leading Italian independent gear manufacturer, reports CNBC-TV18.
M&M will hold around 66% stake in Metalcastello. The company's management said Metalcastello is a very profitable and strategic acquisition. It expects to close the deal in 60 days.
Systech, the auto component arm of farm and utility vehicle major Mahindra & Mahindra, is likely to make a couple of more acquisitions in April, and May. Its gear manufacturing capacity has gone up to 8 million gears, and turnover will touch USD 1 billion with the new acquisition. It ended FY08 with a turnover of USD 950 million.
Metalcastello, based near Bologna, has revenues of around USD 100 million, the release said. "The company focusses primarily on the off-highway segment. Its product portfolio includes complex gears and shafts for use in vehicle transmissions and drivelines."
A consortium of 
