Mahindra and Mahindra agreement with Hinoday

Chennai, Nov 27 (UNI) Mahindra and Mahindra Limited (M&M) today announced it had entered into an agreement to acquire 66 per cent equity stake in DGP Hinoday Industries Limited (Hinoday).

M&M would acquire shares from existing shareholders, DG Piramal Group and India Private Equity Fund, Mauritius. Hitachi Metals holds the balance 34 per cent equity stake, a company release here said.

The acquisition of majority stake marks the entry of M&M into the sophisticated SG Iron casting space. M&M would leverage DGP Hinoday's expertise in SG Iron as a platform to help grow into one of the leading casting players in the country, the release said.

M&M also saw strong growth potential in the ferrites segment. The high quality management team of Hinoday would continue to lead the company and M&M looked forward to integrating them into the Systech strategy, it said.

Mr Anand Mahindra, Managing Director and Vice-Chairman, M&M said: 'The DGP Hinoday acquisition is integral to Systech's strategy of providing a one-stop-shop for sophisticated, high-end engineered products like forgings and castings, leveraging India's intellectual capital&low cost high quality manufacturing strengths.' UNI WS AA 2020