Automotive major Mahindra & Mahindra Ltd (M&M) has bought more shares in Sampo Rosenlew Oy, with the move resulting in a controlling stake in the Finland-based harvester maker.
M&M, led by Anand Mahindra, had picked up a 35% stake in the Finnish firm in 2016 before raising it to 49.1% over the next four years.
The country's biggest tractor maker by volume has spent Rs 18 crore ($2.4 million) to increase its stake to 74.97% stake in the firm.
The Finnish firm, set up in 1853, sells its machines to over 50 countries and exports approximately 90% of its products.
The main markets are Europe, CIS (Commonwealth of Independent States), Americas and North Africa.
Sampo had a total revenue of 49 million euros during the 12 months ending 31 March 2020.
The $19 billion Mahindra Group has interests in automobiles, two-wheelers, farm equipment, defence, energy, financial services, real estate and retail. In the past three years, it has acquired at least four businesses across the automobiles and farm equipment sectors.
This is M&M’s third reported investment in the current calendar year.
In March, it acquired a 5% a stake in Eurl LD Azouaou, an Algeria-based firm engaged in the business of tractor assembly and distribution.
Same month, VCCircle reported that M&M will increase its stake in venture capital-backed MITRA Agro Equipments Pvt Ltd.
Mumbai-based M&M had made four investments last year, including the additional capital infusion in South Korean arm Ssangyong Motor Company in February 2019.
The firm’s other investments that year were in Swiss agri-tech startup Gamaya, Mumbai-headquartered radio taxi operator Meru Travel Solutions, and Smartshift Logistics Solutions Pvt. Ltd.
