Mahindra Buys Turkish Tractor Maker Hisarlar To Foray Into Europe

Mahindra & Mahindra Ltd.’s farm equipment division has forayed into the European market with the acquisition of Turkey-based Hisarlar. M&M bought a controlling 75.1 percent stake in the farm equipment maker for $19 million.

Hisarlar issued fresh shares to M&M, which translated into an equity investment of $19 million into the Turkish company, said Pawan Goenka, managing director of the Indian automotive major. M&M hopes to leverage not only Turkey, but other European markets through Hisarlar.

Goenka said he saw immense potential and opportunity in the global farm equipment market and M&M planned to globalise “aggressively”.
Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi has a 45 percent market share in the Turkish farm equipment sector, with several patents to its name. M&M plans to tap the patents while expanding its operations in Europe and the Commonwealth of Independent States (CIS), said Rajesh Jejurikar, president and chief executive of M&M’s farm equipment and two-wheeler divisions.