M&M’s arm inks JV pact with UNIVEG

Mahindra & Mahindra’s (M&M) subsidiary Mahindra ShubhLabh Services has entered into a 60:40 joint venture (JV) with UNIVEG, a Belgium-based Euro 3.2 billion fresh produce company, in which it will have a majority stake. The company has entered into the JV to give fresh momentum to its agri-business. The joint venture company would be investing Rs 30 crore in the first two years, with additional investments made by logistics and supply chain partners and will focus on developing a fresh fruit supply chain to provide high quality fruits for domestic and international markets. Other than grapes, the venture would focus on select fruits such as bananas, apples, pears and citrus fruits. Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.