Thus Enrico Maria Cornia, CEO of the group which in 2008 had a turnover of 188 million euros. The transaction strengthens the company's position on the Indian market.
The Cbm Group makes its way into India. Leader in the design, production and supply of lifting, handling and towing systems for work equipment for agricultural tractors, the company has acquired the 49% of the Mita-Harig India joint venture (created between the company Mita Oleodinamica spa – part of CBM Group – and Harig India pvt ltd), assuming total ownership.
The operation confirms the success of the group (188 million turnover in 2008) which has been operating in this area of Asia since 1999, therefore among the first in Italy. 10 years after the start-up of the plant, located in the city of Ghaziabad, near New Delhi, the group confirms its leadership in the sector to which it belongs and becomes the owner of a company with a turnover of 100% 8 million euros (2008 data ).
“Cbm Group continues to invest in India – declares 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 to create 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 locally specific and dedicated products, not to de-localize existing productions. To date - he continues - the bet can be said to have won and despite the strong generalized slowdown of the system, we estimate for 2010 to equal the pre-crisis production results and exceed the threshold of 10 million in turnover. The important difference compared to yesterday - he concludes - is that after this acquisition, the Mita India company will be completely owned and with an even more strategic role within the Cbm group".
In the operation CBM Group was supported by Scouting India. The M&A and internationalization consultancy firm, part of 5i Group, was involved in all aspects of the negotiation, both legal and financial and tax, followed by a staff of Italian and Indian consultants. The operation 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 the lawyer Satinder Kapur, manager of Scouting India.
“For CBM Group – explains Bratta – we have fielded our network made up of both Italian and Indian professionals trained in these years of activity in India also thanks to the collaboration with Octagona, a consulting company partner for internationalization already present for eight years on Indian territory. 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 also involving local financial realities: we want to reproduce the relationship model that we have created here in Italy with the CCBs of Emilia Romagna and the north-east".
"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 which led it to be a reality of close-up of the area. Our consultancy services – he explains – such as, for example, the identification of potential counterparties and assistance in the establishment of companies incorporated under Indian law, are now however also aimed at SMEs which intend to approach the Indian market but which do not have adequate tools to do it independently".
Source: La Repubblica Parma.it (www.parma.repubblica.it)
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