M&M buys 75% stake in Turkish farm equipment maker Hisarlar for Rs 130 cr

Mahindra & Mahindra Ltd (M&M) has forayed into Turkey through the acquisition of 75.1 percent stake in Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi - a farm equipment maker - for approximately $ 19 million (about Rs 130 crores). As part of the transaction, Darby Converging Europe Fund II will exit its investment. European Bank for Reconstruction & Development (18.7 percent) and the founder Turker family (6.2 percent) are the other stakeholder in the company. 

The acquisition will help M&M to grow its farm equipment business in Turkey and Europe. “Mahindra is the world's leading tractor company by volume, with an