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AGRICULTURE

Mahindra forays into sprayers through acquisition of 26% stake in Mitra
Thursday, 01 February, 2018, 08 : 00 AM [IST]
Our Bureau, Bengaluru
Mahindra and Mahindra has now forayed into the sprayers business, under the aegis of its farm equipment sector, through the acquisition of a 26 per cent equity stake in Maharashtra-based AgTech company Mitra.

Under the transaction, which is expected to close by February 2018, Mahindra will acquire a 26 per cent equity stake in Mitra through a fresh infusion of capital into the company.

The association with Mahindra will help accelerate the growth of Mitra, which was founded in 2012 by Devneet Bajaj (who worked as a principal at a private equity firm in the United States) and designs and manufactures proprietary sprayers for horticulture crops.

Omnivore, an impact venture fund focused on food and agriculture, is invested in Mitra since 2014. Mitra’s existing shareholders will continue to be shareholders in the company after Mahindra’s investment.

Commenting on the development, Rajesh Jejurikar, president, farm equipment sector, Mahindra and Mahindra said, “Our partnership with Mitra will enable us to provide a complete spraying solution for orchard and vineyard farmers.”

“In combination with Mahindra tractors, Mitra’s automatic sprayers will provide unmatched performance and economy and enhance our presence in the farm implement space,” he added.

Bajaj, chief executive officer, Mitra, said, “Five years ago, we had a simple vision to bring advanced technology critical for India’s horticultural growers. We have realised that vision in some key states.”

“Now, we are looking forward to partner with Mahindra to scale up Mitra’s operations across India and in relevant export markets,” he added.

Mark Kahn, founding partner, Omnivore, said, “We are thrilled that Mahindra will be working with Mitra to reach horticulture farmers across India. Partnerships like this will help India’s AgTech ecosystem realise its full potential.”
 
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