Mahindra and Mahindra (M&M) has signed a share subscription agreement to acquire up to 10% stake in Canadian IT firm Resson Aerospace Corp. for up to C$6.63 million (about ₹34.5 crore), to be paid in cash.
“The company has today [Tuesday] signed a share subscription agreement for subscribing up to 8,00,402 Class C preferred shares of Resson Aerospace Corporation, Canada, which would result in the company holding up to 10% of the share capital of Resson on a fully diluted basis,” M&M said in a regulatory filing.
M&M said the cost of acquisition is up to CAD 6.63 million (equivalent to approximately Rs 34.5 crore) to be paid in cash.
Resson is focussed on providing technology solutions for agriculture. It has developed a system which captures and interprets images to give farmers information about the state of their fields and crops. It operates primarily in Canada and the U.S.
Resson had a turnover of C$1.43 million in 2017.
M&M said the Resson stake would help support its businesses by developing technology solutions for the firm’s farm division.
