Financial Daily from THE HINDU group of publications
Tuesday, Dec 13, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 13, 2005 |
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Corporate
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Mergers & Acquisitions M&M to acquire 88.41 pc equity stake in Plexion Our Bureau
Mumbai , Dec. 12 MAHINDRA & Mahindra Ltd (M&M) has said that it would be acquiring an 88.41-per cent equity stake in Plexion Technologies (India) Ltd. M&M has entered into an agreement with Plexion Technologies, Mauritius, a group company of J.P. Morgan, for the purpose, an official statement said. The cost of the acquisition was not disclosed but it is understood that it would be an all-cash deal. Plexion is engaged in the business of computer-aided engineering services. The company has operations in Asia, Germany, the UK and the US. It focuses on the aerospace and automotive engineering business verticals and its delivery model includes offshore and onsite services. "The acquisition of Plexion complements the capabilities of Mahindra Engineering Services and provides additional resources that can be brought to bear to meet the increasing needs of OEMs like International Truck and others," said Mr Hemant Luthra, President, Mahindra Systems and Automotive Technology Sector, M&M, said. "With M&M's imminent investment in Mahindra Research Valley, the depth of our service offering would be unmatched," Mr Anand Mahindra, Vice-Chairman and Managing Director, M&M, said. The shares of M&M edged down by Rs1.50 to Rs 485.7 on the BSE on Monday.
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