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New Delhi, Apr 2 (UNI) Country's top utility vehicle maker Mahindra and Mahindra Ltd (M&M) today said its consortium, with ICICI Venture Funds Managements Ltd, has inked an agreement to acquire Italian gear manufacturer Metalcastello S p A.

''This acquisition augments Systech's ability to serve its customers from multiple locations--Italy, UK, Germany and India--for their auto component needs. It also strengthens the Mahindra Group's position as a leading auto component player in the global market,'' a statement said.

Metalcastello CEO Gabriele Pierotti said, ''I am delighted to partner with M&M in taking the first steps to create what should become one of the leading Gear Companies of the world that can marry our technology with M&M's low cost manufacturing excellence.'' Metalcastello's product portfolio includes complex gears and shafts for use in vehicle transmissions and drivelines.

Its customers include most of the global OEMs in the tractor, off highway and construction equipment space.

UNI MP AK RN1948