Mahindra & Mahindra acquires a majority stake in DGP Hinoday Industries

Mahindra & Mahindra acquires a majority stake in DGP Hinoday Industries

Indian automotive giants Mahindra & Mahindra have said that they are acquiring a majority stake in DGP Hinoday Industries Ltd.

The company aims to acquire a 66% stake by buying shares from existing shareholders, DG Piramal Group and India Private Equity Fund Mauritius. Hitachi Metals would own the rest of the stake in the company.

This deal would mark the entry of Mahindra in the sophisticated SG Iron casting space. And they would be using the expertise provided by Hinoday to become one of the leading casting players in the country.

Mahindra added that they are seeing massive growth in the ferrites segment as well. They further said that the company would continue to be headed by its current management.