A consortium of Mahindra & Mahindra (M&M) and ICICI Venture Funds Management today signed a pact to buy 100 per cent stake in Italian gear manufacturer Metalcastello SpA, the companies said in a release.
They did not disclose the size of the deal.
“Together with ICICI Venture, we expect Metalcastello SpA to help replicate in the gear vertical what MFL (Mahindra Forgings) has achieved in the forgings space,” the release said, quoting Hemant Luthra, member of the M&M board.
Metalcastello has revenues of around $100 million (Rs 400 crore). The company’s product portfolio features gears and shafts used in vehicle transmissions and drivelines.
Customers of the independent gear maker included original equipment manufacturers in tractor, off-highway and construction equipment space, the release said.
Currently, financial investors hold 84.7 per cent in the company and the top management holds 15.3 per cent.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment