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Indian firm buys stakes in Yancheng Tractor
(Agencies)
Updated: 2008-08-19 15:45 ![]() Sorry, the page you requested was not found.Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home pageCopyright 1995 -
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![]() ![]() India's largest utility vehicles maker Mahindra & Mahindra Ltd (M&M) said it has bought a majority stake in Chinese State-owned enterprise Jinagsu Yueda Yancheng Tractor Manufacturing Co Ltd (Yancheng Tractor) and also signed a joint venture agreement with the Chinese company. In a regulatory filing, M&M said Yancheng Tractor will transfer its tractor related assets and current liabilities, worth 335 million yuan ($48.76 million), to the joint venture company. M&M will hold 51 percent in the joint venture through a unit while Yancheng Tractor will take the balance, it added. Anjanikumar Choudhari, president of farm equipment sector, M&M, said the joint venture will have a tractor product range going up to 125 horsepower (HP). "We will also have a large manufacturing base which will be used to not only produce for the domestic market but also for low cost manufacture for exports," Choudhari added. The tractor industry in China grew to 220,000 units in 2007 from 56,000 units in 2003, a compound annual growth rate of 40 percent, M&M said. Yancheng Tractor, which makes tractors in a range of 16 HP to 125 HP, owns Huanghai Jinma, the third largest tractor brand in China. M&M already has a tractor making joint venture in China with Jiangling Tractor Company. (For more biz stories, please visit Industries)
![]() Sorry, the page you requested was not found.Please check the URL for proper spelling and capitalization. If you're having trouble locating a destination on Chinadaily.com.cn, try visiting the Chinadaily home pageCopyright 1995 -
. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
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