labels: mahindra & mahindra, tractors
M&M to buy China''s Jiangling Tractor news
Our Corporate Bureau
10 November 2004

Mumbai: Mahindra & Mahindra (M&M) is set to acquire the manufacturing assets of the China-based Jiangling Tractor for $8 million (approximately Rs 36 crore) marking the Indian company''s first overseas acquisition.

The acquisition will be made through a joint venture in which M&M will hold 80 per cent share holding. Jiangling plant manufactures 12,000 tractors a year, against M & M''s 80,000-per annum capacity.

An MoU was signed between M & M and the of the Chinese tractor company holding company, Jiangling Motor Corporation Group. The deal would be finalised subject to regulatory approvals. Earlier in 2003 M&M had lost out to US-based AGCO Corporation to acquire the Finnish tractor company, Valtra.


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M&M to buy China''s Jiangling Tractor