Mumbai (Maharashtra) [India], September 25 (ANI): Mahindra & Mahindra has raised its shareholding in Finland-based Sampo Rosenlew Oy to 74.97 per cent.
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 will continue to be run as a standalone, 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," the company said in a statement.
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 new export markets and enables Sampo to leverage Mahindra's strength in manufacturing, sourcing and distribution.
Sampo clocked a turnover of 49 million euros (about Rs 421 crore) in the year ended March 31. (ANI)