Mahindra & Mahindra Ltd. today raised its shareholding in Sampo Rosenlew Oy to 74.97 %. Mahindra & Mahindra has been a shareholder in Sampo Rosenlew since July 2016. Since then the two companies have closely worked on a global alliance to drive the growth of their combine harvester and forest machine businesses in various parts of the world. In line with Mahindra's governance principles for associate companies Sampo-Rosenlew will continue to be run as a stand-alone, independent business unit while simultaneously leveraging synergies where possible.
Mahindra & Mahindra is the world's largest farm tractor manufacturer by volume. Harvesting machinery is the second largest category in the global farm equipment industry. Mahindra's scale in tractors and Sampo's expertise in combine harvesters allows both companies to offer a broader product portfolio to address the needs of farmers in various countries. Sampo brings to Mahindra world class technology in combine harvesting for the core Mahindra markets of India, Asia and Africa. The Mahindra backing provides Sampo with growth opportunities in newer export markets, also enabling Sampo to leverage Mahindra's strength in manufacturing, sourcing, and distribution.
Mr. Jussi Malmi, Chief Executive Officer, Sampo-Rosenlew said, "Mahindra's increased shareholding will enable Sampo Rosenlew to further build on a successful alliance. Sampo will benefit from Mahindra's global scale in farm equipment and contribute to the growth of Mahindra's combine harvester business line."
Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.573.75 as compared to the previous close of Rs. 612.8. The total number of shares traded during the day was 266750 in over 8739 trades.
The stock hit an intraday high of Rs. 606 and intraday low of 566. The net turnover during the day was Rs. 156073265.