Mahindra & Mahindra (M&M) announced the completion of the acquisition of a 33% stake in Mitsubishi Agricultural Machinery Co. (MAM) for US$25 million; the company has been renamed Mitsubishi Mahindra Agricultural Machinery Co.

 

The announcement of the acquisition was originally made in May of this year, and stated that the two companies entered into a capital tie-up through a third party allocation of new shares.

 

With the closing of the deal, M&M now owns 33% of Mitsubishi Agricultural Machinery, Mitsubishi Heavy Industries owns the remaining 67%, and a planned restructuring of the new entity will go into effect.

 

Starting from October 1, Katsumi Tottori, formerly the president of MAM, will serve as the chief executive officer of the newly established entity, Sudhir Jaiswal, the former vice president Commercial Business and Planning, International Operations for M&M will be appointed as the new chief financial officer, and Takahiro Hisano, former vice president and General Manager of Development and Design for MAM will be the new chief technology officer and senior vice president.