M&M buys Italian firm

NEW DELHI: Utility vehicle makerMahindra & Mahindra has signed an agreement to acquire Italy's two-wheelerdesign firm Engines Engineering SpA, for an undisclosed sum."M&M has signed an agreement with Engines Engineering SpA,agreeing to acquire 100% stake in Engines Engineering Srl, the new legal entitywhich will be formed by transferring the business of Engines Engineering SpA,"the company said.The transaction is subject to receipt of necessaryapprovals. "M&M through Systech has been looking at acquisition of a reputeddesign house," Mahindra Systech president Hemant Luthra said, adding it wouldenable the company to penetrate into Europe, and countries like China andRussia. MD Anand Mahindra said, "Mahindra Systech has the mandate to buildglobally competitive businesses in selected verticals and this acquisitiongreatly enhances our capability to do so. The acquisition gives impetus to scaleup the company's business, he said.