Mahindra picks up over 11 pc stake in Swiss firm for CHF 4.3 mnPTI | New Delhi | Updated: 14-06-2019 17:47 IST | Created: 14-06-2019 17:41 IST
Mahindra & Mahindra (M&M) Friday said its Farm Equipment Sector (FES) has picked up 11.25 per cent stake in Switzerland-based agri-technology firm Gamaya SA for CHF 4.3 million (over Rs 30 crore). The investment will be through subscription to 300 common shares and 30,469 series B preferred shares of Gamaya SA, M&M said in a statement.
"With agriculture increasingly becoming technology-intensive, we at Mahindra are investing in future ready technologies to provide complete solutions to the global farming community," M&M FES President Rajesh Jejurikar said. The company's strategic association with Gamaya will enable it to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies, he added.
Gamaya co-founder and CEO Yosef Akhtman said the association with Mahindra would help Gamaya bring the benefits of advanced technology, including hyperspectral imaging and machine learning, to both industrial farmers and smallholders around the world. Incorporated in the year 2015, Gamaya is focused on providing crop-specific technology solutions for agriculture.
It has advanced capabilities in hyperspectral imagery analytics, artificial intelligence and machine learning which captures and interprets imagery to give farmers information about the state of their fields and crops. The company operates in Brazil and has several ongoing development activities in India, Ukraine and a few other countries.
M&M shares Friday ended 0.83 per cent lower at Rs 635.55 on the BSE.