Mahindra & Mahindra acquires additional 28.03% stake in Carnot Technologies

Mahindra & Mahindra has completed the execution of a share purchase agreement for acquisition of an additional 28.03% stake in Carnot Technologies from certain promoters of Carnot. Post completion of the transaction, the company's holding in Carnot will increased to 80.72% of the paid-up equity share capital and collectively 89% in terms of voting rights. This increase in stake is in line with the Company's belief in the long-term potential of precision farming and telematics technology. Carnot would continue to be the subsidiary of the company.