Mahindra & Mahindra Ltd (M&M Ltd), has acquired a stake of 26% in M.I.T.R.A. Agro Equipment’s Pvt. Ltd, a Maharashtra based agri-equipment Company. This has pawed a way for Mahindra to foray into Horticulture equipment business. M.I.T.R.A (Machines, Information, Technology, Resources for Agriculture) has a reputed name in production of horticulture equipment i.e. sprayers and potato harvesters.
This deal will be closed by February 2018 where Mahindra will acquire 26% share in MITRA. This venture will give boost to the MITRA horticulture equipment business where they are already in a strong position.
MITRA was founded by Mr. Devneet Bajaj in 2012 who is an MBA from US. MITRA already attracted Omnivore, an impact venture fund from USA, focused on food and agriculture, which has invested in company since 2014.
Commenting on the development, Rajesh Jejurikar, President, Farm Equipment Sector, Mahindra & Mahindra Ltd. said, "Our partnership with MITRA will enable us to provide a complete spraying solution for orchard and vineyard farmers. In combination with Mahindra tractors, MITRA’s automatic sprayers will provide unmatched performance and economy and further enhance our presence in the farm implement space".
Devneet Bajaj, the Founder and CEO of MITRA, said, "Five years ago, we had a simple vision to bring advanced technology critical for India’s horticultural growers. We have realized that vision in some key states. Now, we are looking forward to partner with Mahindra to scale up MITRA’s operations across India and in relevant export markets".
Mark Kahn, Founding Partner of Omnivore, said, "We are thrilled that Mahindra will be working with MITRA to reach horticulture farmers across India. Partnerships like this will help India’s AgTech ecosystem realize its full potential".
The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, aerospace, commercial vehicles, components, defence, logistics, real estate, renewable energy, speedboats and steel, amongst other businesses. Headquartered in India, Mahindra employs over 2,40,000 people across 100 countries. Learn more about http://shrtfly.net/KcFLRKY.
About MITRAM.I.T.R.A (Machines, Information, Technology, Resources for Agriculture) designs, develops, and manufactures proprietary agriculture machinery for horticulture farmers. MITRA’s product portfolio includes Air Blast Sprayers, Boom Sprayers, Dusters, and Potato Harvesters. MITRA’s patented machinery and on-farm sales and service create an unparalleled customer experience for Indian farmers. Learn more about MITRA: http://shrtfly.net/OaVd0
Omnivore is an impact venture fund that invests in startups from India developing breakthrough technologies for food, agriculture, and the rural economy. Omnivore believes the key to transforming rural India lies in increasing the profitability of smallholder agriculture, improving the sustainability of smallholder farming, and reducing the uncertainty borne by smallholder farmers. Learn more about Omnivore: http://shrtfly.net/6Bk9r.