MUMBAI: Mahindra & Mahindra will acquire the business of GR Grafica Ricerca Design Srl, an Italian auto designing, body engineering and feasibility company. With this acquisition, M&M intends to develop a global design centre for the group and cater to global auto original equipment manufacturers. The company will acquire the said business through a subsidiary to be newly incorporated and proposed to be named, Mahindra Graphic Research and Design.
"The synergies resulting from this acquisition will not only help us strengthen our existing design capabilities but will also help us emerge as a global auto design powerhouse. Complementary capabilities between Mahindra and GRD will enhance the product development capabilities, provide a solid European footprint for M&M to leverage technologies and skill sets by harnessing the talent pool of designers and engineers," said Pawan Goenka, president of automotive sector in Mahindra & Mahindra.
Grafica Ricerca Design employs a team of 60 highly experienced people with high technical competence and experience across various designing segments. For the year 2007, the revenues of GRD were around euro 6 million. The current management team will continue to drive operations of Mahindra Graphic Research and Design. The transaction is expected to close by end of January. At 11:04 am, Mahindra & Mahindra shares were up 0.72 per cent at Rs 816.45on BSE. The stock hit a high of Rs 830 on the news.
"The synergies resulting from this acquisition will not only help us strengthen our existing design capabilities but will also help us emerge as a global auto design powerhouse. Complementary capabilities between Mahindra and GRD will enhance the product development capabilities, provide a solid European footprint for M&M to leverage technologies and skill sets by harnessing the talent pool of designers and engineers," said Pawan Goenka, president of automotive sector in Mahindra & Mahindra.
Grafica Ricerca Design employs a team of 60 highly experienced people with high technical competence and experience across various designing segments. For the year 2007, the revenues of GRD were around euro 6 million. The current management team will continue to drive operations of Mahindra Graphic Research and Design. The transaction is expected to close by end of January. At 11:04 am, Mahindra & Mahindra shares were up 0.72 per cent at Rs 816.45on BSE. The stock hit a high of Rs 830 on the news.
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