scorecardresearch
Mahindras pick up minority stake in East India Company

Mahindras pick up minority stake in East India Company

The Anand Mahindra-led firm bought a minority stake in the global luxury brand owned by Indian-origin entrepreneur Sanjiv Mehta. Details of the buy were not divulged.

Mahindra Group MD Anand Mahindra Mahindra Group MD Anand Mahindra
Mahindra Group has acquired a minority stake in the East India Company, the global luxury brand owned by Indian-origin entrepreneur Sanjiv Mehta, who re-launched the company in London in August 2010.

Anand Mahindra, managing director of the Mahindra Group, said: "The East India Company was the world's first truly global brand spanning continents and centuries, and had a profound impact on the development of international trade. This immense vision and scope finds a parallel with Mahindra's own global aspirations to think beyond its size."

The firm, however, did not divulge the value of the deal or other details.

Mehta, 49, launched the EIC's first 21st century trade 'expansion' in the form of Fine Foods in Mayfair. He acquired the company in 2005 and has since invested $15 million.

EIC said the firm is now set to launch on a global scale with an investment of $100 million over the next five years.

Located off Regent Street, Mehta's new store measures about 2,200 square feet.

Mehta, chief executive officer of the East India Company, said: "The Mahindra Group is one of the most respected commercial enterprises with an excellent track record of corporate growth and governance at a global level. We are proud to have earned the trust of such an organisation, and believe the association will aid the growth opportunities and aspirations we have across diverse products and geographies," he added.

Established in 1600, the East India Company (EIC) is one of the most recognised brands in the world. It once employed a third of the British workforce and was responsible for 50 per cent of global trade.