CBM Group acquires Mita Haring. “In India bet won.”

Thus Enrico Maria Cornia, CEO of the group, which had a turnover of 188 million euros in 2008. The transaction strengthens the company's position in the Indian market.

CBM Group and the purchase of Mita Haring

Cbm Group is making its way into India. A leader in the design, manufacture and supply of lifting, handling and towing equipment systems for agricultural tractors, the company has acquired the 49% from the Mita-Harig India joint venture (set up between Mita Oleodinamica spa-part of CBM Group-and Harig India pvt ltd), taking full ownership.

The transaction confirms the success of the group (188 million turnover in 2008), which has been operating in this area of Asia since 1999, thus among the first in Italy. Ten years after the start-up of the plant, located in the city of Ghaziabad, near New Delhi, the group confirms its leadership in its sector and becomes the owner at 100% of a company with a turnover of 8 million euros (2008 data).

“Cbm Group continues to invest in India,” says Enrico Maria Cornia, managing director of the group, "because we believe in the significant potential of the local market. Ten years ago we accepted the challenge and went to India by creating a joint venture, at the time the only possible way to enter the country, with the intention of following the big players in agricultural tractors, already our customers, and produce and develop specific and dedicated products locally, not to de-localize already existing productions. As of today," he continues, "the bet can be said to have been won, and despite the strong generalized slowdown in the system, we estimate for 2010 to equal the pre-crisis production results and exceed the 10 million turnover threshold. The important difference from yesterday," he concludes, "is that after this acquisition, the Mita India company will be fully owned and with an even more strategic role within the Cbm group.

Fellowship in India

CBM Group was assisted in the transaction by Scouting India. The M&A and internationalization consulting firm, part of 5i Group, was involved in all aspects of the deal, both legal and financial and tax, followed by a staff of Italian and Indian consultants. The transaction was coordinated in Italy by Filippo Bratta, partner of the 5i Group consulting group and member of the Board of Scouting India, and in the Indian nation by lawyer Satinder Kapur, manager of Scouting India.

“For CBM Group,” explains Bratta, "we fielded our network made up of both Italian and Indian professionals formed over the years in India, also thanks to the collaboration with Octagona, a consulting partner company for internationalization that has already been present in India for eight years. This structure," he continues, "has allowed us to follow and support our client in all phases of the operation. We strongly believe in the effectiveness of this formula and we are constantly working to expand our network by involving also local financial realities: we want to reproduce the relationship model that here in Italy we have realized with the Bcc of Emilia Romagna and the northeast.".

“The acquisition of Mita-Harig India - adds Alessandro Fichera , president of Scouting India and Ceo of Octagona - represents the final stage of an important path that Cbm Group wanted to undertake in India and that has led it to be a leading reality in the area. Our consulting services,” he explains, "such as, for example, the identification of potential counterparties and accompaniment to the establishment of companies under Indian law, today, however, are also addressing SMEs that intend to approach the Indian market but do not have adequate tools to do so independently.

Source: La Repubblica Parma.com (www.parma.repubblica.it)

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