M&M buys majority stake in China's Yancheng Tractor

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ROAMING CALLS ON OTHER NETWORKS AT 80 PAISE/MINUTE
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Updated: 19/08/2008 | 01:43 AM IST

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Vijay Ganeshan

Tuesday, August 19, 2008 (Mumbai)

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After Abhinav Bindra it is now the turn of Anand Mahindra, MD of Mahindra Group, to strike gold in China.

M&M, India's top tractor maker, has acquired a 51 per cent stake in China's third largest tractor company Yancheng Tractor Co in a deal worth $26 million.

This will be M&M's second joint venture in China after Mahindra (China) Tractor Co Ltd.

M&M which back in India is merging Punjab Tractors with itself expects its second Chinese joint venture to help it to race past the world leader in tractors John Deere.

Currently, M&M makes 1.15 lakh tractors while Punjab Tractors rolls out another 35,000 tractors.

With Yancheng's capacity of around 30,000 tractors, M&M expects to sell around 1.75 lakh tractors in the current fiscal. In contrast, John Deere sold just over 1,60,000 tractors last year.

"We don’t want to celebrate just yet. Let the numbers come out, said Anand Mahindra, VC & MD, Mahindra Group.

M&M is clearly betting big on tractors with a strong presence in both the US and China. M&M’s ambitions of becoming the world leader in tractors is finally close to reality.