Mahindra Group firm Mahindra Holidays & Resorts India has acquired Finland based Saimaa Gardens Arena Oy for an undisclosed amount.
The company's step-down subsidiary, "Holiday Club Resorts Oy, Finland has increased its stake in Saimaa Gardens Arena Oy, Finland, from 24 per cent to 100 per cent," Mahindra Holidays & Resorts India said in a filing to BSE.
Consequently, SGA became wholly owned subsidiary of HCR and in turn of the company from January 19, 2016, it added.
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The company however did not share any financial details about the acquisition.
Mahindra Holidays stock closed at Rs 356.15, down 2.74 per cent, on the BSE.
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In a conference call later in the day, Jejurikar said the acquisition is part of the company's strategy to further grow its agri-business across the globe.
"It has been growing year on year, and currently 37 per cent of our total revenues come from global businesses," he said.
M&M has already established ground presence in various global markets including Brazil, Mexico, Algeria, South Africa, Kenya and Nigeria and is also working on establishing its presence in Egypt later this year, Jejurikar said.
Besides, the company has also established joint ventures in various countries like Japan and Finland, he added.
The Mumbai-based company sold around 2.5 lakh tractors globally in 2016.
When asked if the company would also utilise the Turkish foray to expand into other markets in the region, Jejurikar said: "It will give us access into the CIS countries as well as help us in launching localised Mahindra products in the region."
The company plans to close the transaction over the next two months, he added.
