The Mahindra group has recently bought a minority stake in a company that signifies the British colonial past - the East India Company. The acquisition was carried out by Mahindra Partners, the private equity arm of the Mahindra group. The stake was bought from an Indian-origin businessman whose original intention is to convert it into a luxury goods retailer.
The owner and CEO of East India Company, Sanjiv Mehta and Mahindra group representatives did not reveal details of the transaction but said that they will invest $100 million (460 crore) in the company in five years. Mehta acquired the symbol of British pride in 2005 and relaunched it as a luxury brand selling high-end food products in 2010.
Anand Mahindra, V-C and MD of Mahindra group said, "The East India Company was the world's first truly global brand spanning continents and centuries, and had a profound impact on the development of international trade. This immense vision and scope finds a parallel with Mahindra's own global aspirations to think beyond its size."