FreeCurrencyRates.com

इंडियन आवाज़     20 Aug 2017 03:41:05      انڈین آواز
Ad

Mahindra to sell China tractor JV stake for RMB 82 million

New Delhi

India’s tractor giant 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.

Mahindra 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.

Leave a Reply

You have to agree to the comment policy.

Ad

NEWS IN HINDI

कलिंग-उत्कल रेल हादसा: 50 यात्रियों की मौत का अंदेशा

AMN / मुजफ्फरनगर सिस्टम और रेलवे की घोर लाप ...

यू पी में बड़ा ट्रेन हादसा 20 के मरने की खबर , कई घायल

WEB DESK / AMN उत्तर प्रदेश के मुजफ्फरनगर में बड़ ...

कार्ति चिदंबरम को सुप्रीम कोर्ट ने दिए कड़े निर्देश

पूर्व वित्त मंत्री और कांग्रेसी नेता पी च ...

जेडी-यू NDA एनडीए में होगा शामिल

सभी की निगाहें  aaj  पटना में होने वाली जेडी ...

Ad
Ad
Ad

SPORTS

Ghosh-Sathiyan set up clash with top seeds in final of Bulgaria Open

The Indian pair of Soumyajit Ghosh and G Sathiyan has entered the men's doubles final of the Seamaster 2017 IT ...

Sports Ministry drops para-sports coach Satyanarayana from Dronacharya awardees list

The Sports Ministry has dropped para-sports coach Satyanarayana from the list of this year's Dronacharya award ...

Ad

Archive

August 2017
M T W T F S S
« Jul    
 123456
78910111213
14151617181920
21222324252627
28293031  

OPEN HOUSE

Mallya case: India gives fresh set of documents to UK

AMN India has given a fresh set of papers to the UK in the extradition case of businessman Vijay Mallya. Ex ...

@Powered By: Logicsart