Mahindra and Mahindra (M&M) forayed into Turkey, one of the largest markets for farm equipment, with a visionary plan. It has acquired 75.1% equity stake in Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar), a key player in the agriculture machinery industry, tractor cabins and components for off highway machinery. The company is the market leader in the soil preparation category of implements with a 45% share in Turkey and is supported by a distribution network of 85 dealers. Its revenue in 2015 was 208 million Turkish Lira, and it has a strong team of approximately 820 people.
This association will help Mahindra take its farm equipment business from strength to strength in Turkey and Europe.
Pawan Goenka, Managing Director, M&M, said, “The company’s strategy going forward is to globalise aggressively and also expand our portfolio to include various new categories of farm machinery. This acquisition is an important milestone in our globalisation journey.”
“The acquisition of Hisarlar will enable Mahindra to expand its footprint in Turkey and Europe, making the entity a global manufacturing base for various farm implements and tractor cabins”, added Mr. Rajesh Jejurikar, President and Chief Executive, Farm Equipment and Two-wheeler, M&M.
M&M’s sharp strategy for its farm equipment business is set to yield rich dividends in the future and pave the way for an upward growth curve.