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Mahindra joins hands with Chinese tractor maker
NEW DELHI,
NOV. 9.
Mahindra and Mahindra today said it has entered into a joint venture agreement with China's Jiangling Motors Co to make tractors. Mahindra said it planned to invest $8 million in the joint venture, whose estimated value is $10 million, and would hold a majority stake.
The joint venture would acquire tractor making assets from Jiangling Tractor Co, a subsidiary of Jiangling Motors, which will provide the manufacturing base and distribution network in China.
The leader in India, which is the world's largest tractor market, Mahindra plans to become the world's number one player between 2008 and 2010, rising from number four now. — UNI
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