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India’s Mahindra to buy Germany’s Jeco Holding
MUMBAI - India’s top utility-vehicle maker, Mahindra & Mahindra Ltd. (M & M), said on Thursday it would buy 67.9 percent in Germany’s Jeco Holding AG for about 140 million euros.
Jeco is one of the top five forging firms in Germany, with 2005 revenues of 180 million euros, M & M said in a statement.
”By buying Jeco, we are putting ourselves in a leadership position in the European forging industry,” Vice Chairman Anand Mahindra told reporters.
Shares in Mahindra ended 2 percent higher at 668 rupees in a Mumbai market that rose 0.2 percent.
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