M.I.T.R.A. Agro Equipments, a noted agri-tech firm from Maharashtra has just witnessed the acquisition of a 26% stake in it by Mahindra & Mahindra. The firm has received funding from venture capital organization Omnivore. The full form stands as Machines, Information, Technology, Resources for Agriculture. The company develops, designs and produces boom sprayers, air blast sprayers, potato harvesters and dusters. Mahindra & Mahindra has finally forayed into the business of sprayers with this new acquisition as part of its Farm Equipment division.
The company has stated that the deal should be closed by the end of February, 2018. According to the President, Farm Equipment Sector, Mahindra & Mahindra, Rajesh Jejurikar, the partnership with M.I.T.R.A. will help the company offer total spraying solutions for vineyard and orchard farmers. The automatic sprayers from M.I.T.R.A. will be a perfect combination with Mahindra tractors according to him, proving to be an economic and efficient solution. Devneet Bajaj, former Principal at a US-based private equity firm, founded M.I.T.R.A. in the year 2012. This new association will help the company grow faster.
Bajaj stated that 5 years earlier, the company was born with a vision towards introducing highly advanced technologies for the benefit of horticultural growers in the country. This vision has been achieved in a few states and with this new partnership with Mahindra & Mahindra, the operations will be scaled up throughout the country according to him. He added that export markets will also be considered. The existing shareholders will continue as usual for M.I.T.R.A. even after the investment from Mahindra & Mahindra.