Mahindra & Mahindra Ltd has announced that the Company has signed a binding agreement to acquire the business of G R Grafica Ricerca Design S.r.l (GRD), an Italian auto designing, Body engineering and feasibility and styling Company based out of Turin, Italy. With this acquisition, the Company intends to develop a global design centre for the Group and cater to global Auto OEMs. The Company would acquire the said business through a subsidiary to be newly incorporated and proposed to be named as Mahindra Graphic Research and Design (MGRD).
The synergies resulting from this acquisition will not only help us strengthen our existing design capabilities but will also help us emerge as a global auto design powerhouse. Complementary capabilities between Mahindra & GRD will enhance the product development capabilities, provide a solid European footprint for M&M to leverage technologies & skillsets by harnessing the talent pool of designers and engineers, said Dr. Pawan Goenka, President, Automotive Sector, of the Company.
GRD is one of the leading Companies based out of Turin, Italy, which executes designing, Body engineering and feasibility and styling work for leading Auto OEMs and designing Companies based out of Europe and Asia. The Company employs a team of 60 highly experienced people with high technical competence and experience across various designing segments. GRD has developed strong standards and skill sets in body and trim design areas. For the year 2007, the revenues of GRD were around €6 million.
The current GRD management team will continue to drive all operations for MGRD. The transaction is expected to close by end of January 2008.
The synergies resulting from this acquisition will not only help us strengthen our existing design capabilities but will also help us emerge as a global auto design powerhouse. Complementary capabilities between Mahindra & GRD will enhance the product development capabilities, provide a solid European footprint for M&M to leverage technologies & skillsets by harnessing the talent pool of designers and engineers, said Dr. Pawan Goenka, President, Automotive Sector, of the Company.
GRD is one of the leading Companies based out of Turin, Italy, which executes designing, Body engineering and feasibility and styling work for leading Auto OEMs and designing Companies based out of Europe and Asia. The Company employs a team of 60 highly experienced people with high technical competence and experience across various designing segments. GRD has developed strong standards and skill sets in body and trim design areas. For the year 2007, the revenues of GRD were around €6 million.
The current GRD management team will continue to drive all operations for MGRD. The transaction is expected to close by end of January 2008.
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