Leading manufacturer of general purpose and light commercial vehicles, Mahindra & Mahindra Ltd on Wednesday said it has acquired 98.6 per cent stake in UK-based automotive forging company, Stokes Group Ltd, from its existing shareholders.
The acquisition strengthens the Mahindra Systems and Automotive Technologies, which aims at offering a full range of services from design to delivery covering engineering services, strategic sourcing of components and supplying of auto component as Tier 1 manufacturers, the company informed the Bombay Stock Exchange.
Stokes Group includes three companies with two manufacturing firms situated at Walsall and Dudley, near Birmingham in the UK and its major customers are Koyo Bearings, GWK Group, Land Rover, Bosch, Visteon, Ford and Jaguar among others, it said.
"We believe the Stokes acquisition demonstrates our commitment to build a world class business that serves its global customers and enhances value for M&M's stakeholders," M&M, vice chairman and managing director, Anand Mahindra, said.
Khaitan & Co and Sherrards Solicitors, UK were the legal advisors for the deal to the company, it added.
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