Comments
M&M today completed the $25-million acquisition of 33 per cent stake in Mitsubishi Agricultural Machinery Co, which has been renamed Mitsubishi Mahindra Agricultural Machinery Co.
Mahindra & Mahindra, which had announced the acquisition in May this year, said in a statement the two companies has entered into a capital tie-up through third-party allocation of new shares.
As a result of the capital infusion, Mitsubishi Heavy Industries now owns 66.7 per cent and M&M 33.3 per cent in Mitsubishi Agricultural Machinery (MAM).
Starting today (October 1) the name of the company (MAM) has been changed to Mitsubishi Mahindra Agricultural Machinery Co, it said, adding a new organisational structure has also been announced.
Under the new structure, Katsumi Tottori, former President of MAM, has been appointed as CEO of the new entity, while Sudhir Jaiswal, ex-VP Commercial Business and Planning, International Operations of M&M, will be the CFO.
It further said Takahiro Hisano, former VP and General Manager of Development and Design at MAM, will be the CTO and Senior Vice-President, it added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.