New Delhi, Jun 5: Mahindra &Mahindra (M&M), country's leading utility vehicle maker, today signed an agreement to acquire Italy-based Engines Engineering SrL (EES).
M&M will acquire the hundred per cent stake in EES, the new legal entity which will be formed by transferring the business of Engines Engineering SpA, through its subsidiary Systec, company said in a statement without disclosing the amount. ''Demand for offshoring of engineering services has been growing rapidly. Acquiring a design house like Engines Engineering provides us the perfect vehicle to penetrate into markets of Europe, China and Russia,'' Systec President Hemant Luthra said.
Engines Engineerings revenue are about 12 million dollars.
It is in the business of two wheels design and developing motorcycle prototype.
The company was originally founded in 1979 and offers complete and thorough services to its clients.
The acquisition is subject to necessary approvals.
Mahindra has acquired components makers in Europe in recent years to access new technologies and markets.
In April a consortium of the vehicle maker and private equity firm ICICI Venture Funds agreed to buy Italian gear maker Metalcastello.