M&M to acquire 88% in Plexion

Leading utility and light commercial vehicles maker, Mahindra & Mahindra Ltd on Monday said it would acquire 88.41 per cent stake in Mauritius-based Plexion Technologies, a group company of J P Morgan.

The company has entered into an agreement with Plexion to acquire 88.41 per cent of its fully diluted equity capital, M & M informed the Bombay Stock Exchange.

Plexion is engaged in the business of computer aided engineering services and has operations in Asia, Germany, the US and UK.

It is focused on aerospace and automotive engineering business verticals and its delivery model includes offshore and onsite services, it added.