Mahindra & Mahindra has completed the execution of a Share Purchase Agreement with certain promoters of Carnot Technologies (Carnot), a subsidiary of the Company for acquisition of an additional 28.03% of the paid-up equity share capital of Carnot from such promoters.

Upon completion of the said transaction, the Company’s holding in Carnot would increase to 80.72% of the paid-up equity share capital and collectively 89% in terms of voting rights. This increase in stake is in line with the Company’s belief in the long-term potential of precision farming and telematics technology. Carnot would continue to be the Subsidiary of the Company.

Mahindra & Mahindra is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.