Mahindra & Mahindra, India’s largest automotive conglomerates on Tuesday announced that it had bought an Italian auto-design and engineering company to bolster its presence in the international markets.
The company has acquired the business of GR Grafica Ricera Design, an auto designing, body engineering and feasibility and styling company based in Turin. Financial details of the deal were not disclosed. “The acquisition will not only help us strengthen our existing design capabilities but will help us emerge as a global auto-design powerhouse,” Pawan Goenka, president of Mahindra’s automotive unit, said in a statement. “Complementary capabilities between M & M and GRD will enhance product development capabilities and provide a solid European footprint,” he added. GRD posted a revenue of €6 million (about $8.8 million) in 2007. The transaction is expected to be completed by the end of January and the company will be named Mahindra Graphic Research and Design.
The $6 billion Mahindra Group is among the top 10 industrial houses in India. Mahindra & Mahindra is the only Indian company among the top tractor brands in the world and has entered into partnerships with international companies like Renault SA, France, and International Truck and Engine Corporation, US. The group employs more than 50 000 people and has several facilities in India and abroad. (Business Report)