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.