India News
Search Web Directory
 India News  
News Home
Mahindra to sell China tractor JV stake for RMB 82 million
Posted on 12th August 2017
New Delhi: Mahindra and Mahindra group on Friday said it will exit from its China joint venture for tractor business, Mahindra Yueda Yancheng Tractor Company, by selling entire stake for RMB 82 million (nearly Rs80 crore). The Indian conglomerate has plans to independently operate in China.

ahindra and Mahindra holds 51% stake in the Chinese JV through its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) Limited.

“Mahindra Overseas Investment Company (Mauritius) Limited (MOICML)... has agreed to sell its entire shareholding of 51% in Mahindra Yueda Yancheng Tractor Company Ltd (MYYTCL), China.

Upon receipt of requisite regulatory approvals and completion of other formalities, MYYTCL will cease to be a subsidiary of MOICML...,” Mahindra and Mahindra said in a regulatory filing.

The company is selling entire stake to Jiangsu Yueda Investment company (2% stake), Jiangsu Yueda Group (39%) and Yan Bingde (10%) for an aggregate amount of 82 million RMB or about Rs80 crore.

The equity transfer for the deal has been executed today and the deal is expected to be closed by end of this month.

“This development would also mark the beginning of a new journey for Mahindra in China, as the company reviews its plans to explore the wider opportunities which would be available to Mahindra with its recent global initiatives in the farm machinery space,” Mahindra and Mahindra said in a statement.

Mahindra said that through recent acquisitions it has expanded farm machinery product portfolio beyond tractors to rice transplanters, harvesters etc.

“The company will evaluate the market opportunity for introducing these products into China and explore opportunities to create a global supply chain,” it said.

Turnover of MYYTCL for the year ended December 2016 stood at 339.89 million RMB and its net worth was 88 million RMB.

Shares of Mahindra and Mahindra closed at Rs1,346.35 a unit, down by 3.1% compared to previous close.

Related Companies: Mahindra India   

Other Latest News
 
The mega share buyback of India’s third-largest IT company Wipro concluded with a huge participation on Wednesday. Against buyback offer of 34.37 crore shares, about 3.4 times shares were tendered by investors in the two-week long share repurchase from 29 November to 13 December. Wipro’s latest buyback offer followed its another large share buyback of Rs 2,500 crore that was exercised in May 2016. Rs 11,000 crore share repurchase of Wipro which is also India’s third-largest was managed by JM Financial Institutional Securities.

 
The Telecom Regulatory Authority of India (TRAI) will reportedly come out with its much-awaited recommendations for in-flight connectivity by December-end.

"Recommendations on in-flight connectivity to come out by year end or next 15 days," TRAI Chairman R.S. Sharma told reporters in New Delhi on Wednesday on the sidelines of an event organised by Broadband India Forum.


 
The National Highways Authority of India (NHAI) is making all-out efforts to speed up award and construction of highways and would bid out projects for 3,500 km by December.

"NHAI has invited bids for projects of 4,900 km till November, 2017, while bids for another 3,500 km are likely to be invited by December end, taking the total to 8,400 km," the Ministry of Road Transport and Highways said in a statement.


 
Coal offtake by Mahanadi Coalfields (MCL), a Coal India (CIL) subsidiary, has fallen short of the target by five per cent during April-November of the current financial year. MCL is amongst the three CIL subsidiaries where coal offtake failed to meet the targeted figure.

Although CIL's overall coal despatches at the end of November grew eight per cent, MCL is the second-largest subsidiary in terms of coal production volume after South Eastern Coalfields (SECL).


 
NEW DELHI: The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said.

They said various teams of sleuths of the department, under the command of the Bengaluru investigation wing, today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Mahindra to sell China tractor JV stake for RMB 82 million
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Mahindra to sell China tractor JV stake for RMB 82 million

Most Read News

Government may raise protection on bank deposits

Bad loans: HDFC Bank says no impact of ‘couple of defaulters’ in RBI list on provisioning

Microsoft issues patch for bug in Windows Malware Protection Engine

Rupee closes higher against US dollar, bond yield at 15-month high

Bitcoin tumbles 20% in 10 hours, after gaining 40% in 2 days

More India News

IndiaCatalog.com
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory, India Free Classifieds
    © 1999 - 2017 IndiaCatalog.com
    All Rights Reserved
Privacy Statement    
    © 1999 - 2017 IndiaCatalog.com
    All Rights Reserved
Privacy Statement