Mahindra & Mahindra’s Farm Equipment Sector (FES) has acquired 11.25 per cent stake in Switzerland-based agriculture technology firm Gamaya for $4.3 million, the Indian company said in a statement on Friday.
The investment will be done through a subscription to 300 Common Shares and 30,469 Series B Preferred Shares of Gamaya.
Gamaya, which works in Brazil India, Ukraine and other countries, uses imagery to give farmers information about the state of their fields and crops.
Mahindra’s strategic association with Gamaya will enable the company to develop and deploy next-generation farming capabilities such as precision agriculture and digital farming technologies, said Rajesh Jejurikar, president, FES.
“With this partnership, we expect to set new benchmarks in farming and its related services,” he said.
Yosef Akhtman, co-founder and CEO of Gamaya, said, “Agriculture is a complex industry that is undergoing rapid transformation towards efficiency and sustainability.
The success of this process will undoubtedly rely on the collaboration between established industry leaders and innovators.”
Mahindra as an investor and strategic partner will help Gamaya bring the benefits of advanced technology to both industrial farmers and small holders around the world.
Source: Business Standard