India's Mahindra group in second China tractor deal

India's largest tractor manufacturer pays $26 million for 51% of China's Yancheng Tractors, in a deal complementary to M&M's existing investment in Jiangling.

Indian vehicle manufacturer, Mahindra Mahindra announced yesterday it will acquire majority stake in the tractor business of ChinaƆs Jiangsu Yueda Yancheng Manufacturing Company.

Yancheng Tractors is a Chinese state-owned-enterprise which was established in 1959. Its tractor-related assets and current liabilities have been transferred to a new joint venture formed between MM and Jiangsu at a valuation of Rmb335 million $48.76 million. MM will acquire majority interest represented by 51% equity interest in the JV for an outlay...

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