The Japanese Tsubakimoto Group has acquired a 51% stake in India’s Mahindra Conveyor Systems Pvt Ltd, a materials handling company operating in the cement, power, chemicals, mineral processing and auto sectors. Tsubaki already owned an 8.5% share in Mahindra Conveyor Systems, but raised its stake to form a JV partnership with the Indian company. Together the companies will make inroads into new markets in Asia, Africa, the Middle East and Europe, reports Business Standard.
"Our partnership with Tsubaki in MCS is an opportunity to service our customers more efficiently and brings together talented technical and management teams. We are excited about MCS' future in this new combination and look forward to working together on its growth and value creation," said Zhooben Bhiwandiwala, executive vice-president and managing partner of Mahindra Partners Division, Mahindra & Mahindra Ltd.
Edited from various sources by Katherine Guenioui
Additional sources:
