New Delhi - Mahindra & Mahindra, one of India's largest automotive conglomerates Thursday announced it has acquired Italian two-wheeler design firm Engines Engineering SpA for an undisclosed amount. "M&M has signed an agreement with Engines Engineering SpA, agreeing to acquire a 100 per cent stake in Engines Engineering Srl, the new legal entity which will be formed by transferring the business of Engines Engineering SpA," the company said in a filing to the Bombay Stock Exchange.
The Italian company has revenues of about 12 million dollars and focuses on developing motorcycle prototypes and two-wheel design.
"Demand for offshoring of engineering services has been growing rapidly," Hemant Luthra, president of Mahindra's components unit Systech said in a statement, adding that the acquisition gave the company an impetus to scale up its business, have access to market and technology along with management skills.
The 6.7 billion-dollar Mahindra Group, among the top 10 industrial houses in India, has acquired component makers over the past few months to bolster its international presence.
In January 2008, Mahindra & Mahindra acquired Italian auto-design and engineering company GR Grafica Ricera. Later in April it agreed to buy Italian gear maker Metalcastello.
Mahindra & Mahindra is the only Indian company among the top tractor brands in the world and has entered into partnerships with international companies like Renault SA, France, and International Truck and Engine Corporation, US.
The group employs more than 50,000 people and has several facilities in India and abroad.
