The conglomerate of Mahindra & Mahindra and ICICI, on 1st April signed an agreement, acquiring 100% stake in the Italian gear-maker, Metalcastello. The acquisition of Bologna-based Metalcastello is considered a move to affirm the position of the Mahindra group in gear business in the European market.  There were four other bidders for acquiring the Italian gear maker giant Metalcastello, bidding between a range of e80m and e100m. The five decade old Italian gear maker is believed to be the leading international player in gear business. The acquisition is believed to generate cost benefits to the M&M and I-venture group, enabling it to produce the best in gear products.