Mahindra aims for double-digit growth in Africa

India's largest utility and tractor producer, Mahindra and Mahindra, has set up an Africa-focused business unit as it looks to maintain double-digit growth levels in the continent, the company said on Tuesday.

With an active presence in 20 African countries, Mahindra and Mahindra hopes the aggressive expansion will help spur a 10-fold increase in business over the next five to seven years.

"There is no doubt that the African continent holds tremendous potential and the new African business unit will place Mahindra in a very strong position to strengthen its African presence," Ashok Thakur, chief executive of Mahindra's local South African unit, said in a statement.

Thakur will lead the newly-established continental business unit, based in South Africa, with additional business hubs planned for Kenya, Nigeria and Egypt.