New Delhi: According to officials from Mahindra & Mahindra, the company has forayed into the agri-tech business, especially sprayers by acquiring a 26% stake in MITRA, a Maharashtra-based agri tech firm.
The transaction, which is expected to close around February will involve Mahindra infusing fresh capital into MITRA.
Rajesh Jejurikar, M&M Farm Equipment Sector's President said, "our partnership with MITRA will enable us to provide a complete spraying solution for orchard and vineyard farmers."
"We are looking forward to partner with Mahindra to scale up MITRAs operations across India and in relevant export markets," said MITRA's founder and CEO Devneet Bajaj.
MITRA's machines are not only used in India, but also exported. The tie-up will boost Mahindra's reach in farm-implement sector, considering it already offers tractors.
MITRA designs and manufactures proprietary sprayers for horticulture crops. MITRA's product line involves Air blast sprayers, Harvester, Duster and Boom Sprayers.