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Last Updated : Jan 20, 2017 12:58 PM IST | Source: Moneycontrol.com

M&M acquires Turkish farm equipment co Hisarlar for Rs 127 crore

The all-cash deal is expected to be completed in three months, M&M informed the bourses in a statement. M&M will acquire 1.42 billion shares of the Turkish company.

 
 
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Moneycontrol Bureau


India’s largest tractor manufacturer Mahindra & Mahindra (M&M) has acquired a 75.1 percent stake in Hisarlar  — a Turkish company engaged in farm equipment —  for Rs 127 crore.  


The all-cash deal is expected to be completed in three months, M&M informed the bourses in a statement. M&M will acquire 1.42 billion shares of the Turkish company.

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“The company seeks to acquire Hisarlar to get both distribution network in Turkey market as well as further strengthen its current agri-machinery product portfolio in Europe," M&M informed the bourses in a statement.


Hisarlar Makina Sanayi ve Ticaret Anomin Sirketi (Hisarlar) is a leading player in industrial cabinets and agricultural machinery market with revenues of 208 million Turkish Lira for the financial year ending December 31, 2015.

Incorporated in 1977, Hisarlar has a strong clientele comprising of tractor and heavy machinery manufacturers. It has two production facilities in western Turkey with around 900 employees.



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First Published on Jan 20, 2017 10:39 am
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