M-;M associate Mitsubishi Mahindra Agricultural Machinery transfers agricultural facility business within the Group

17 Feb 2022 , 12:58 PM

Mitsubishi Mahindra Agricultural Machinery Co. Ltd. (MAM), an associate company of Mahindra & Mahindra Limited on Thursday announced that it has decided to transfer its agricultural facilities business to its 100% subsidiary, Ryono Engineering Co. Ltd (RE).

Through this business transfer, the company will accelerate synergy with the design and manufacturing capabilities of Ryono Engineering, a MAM group company, and create customer value as a solution provider by promoting modular planning of core technology equipment, development of original products, and provision of various equipment.

At around 1.00 pm, Mahindra & Mahindra Ltd was trading at Rs868.25 per piece up by Rs4.25 or 0.49% from its previous closing of Rs864 per piece on the BSE.

“Our agricultural facilities business has been responsible for the construction of facilities in a wide range of areas in the agricultural production process, from seedling production facilities to collection and shipping facilities for cultivation, sorting, adjustment, storage, etc. We have earnestly endeavored to support our customers with our unique engineering and proposal capabilities that we have cultivated over the past 50 years, and have earned a firm level of reputation for reliability and quality,” the company said in a filing.

“In the future, we will further expand this agricultural facility business and position it as the third pillar of our business following the domestic and overseas agricultural machinery businesses. The transfer of the business will further strengthen the Group’s ability to make comprehensive proposals that can save labor, improve productivity, and provide one-stop solutions to the issues of agricultural customers,” it added.