Mumbai, July 4
MAHINDRA & Mahindra Ltd (M&M) announced on Monday that Mahindra (China) Tractor Co has formally commenced operations in China.
According to an official statement, Mr Anand Mahindra, Vice-Chairman & Managing Director, M&M, handed over the first tractor produced at the Nanchang factory to the city mayor, Mr Li Douluo, and another tractor - the FS 250 - was given to a local farmer, Mr Wan, the first Chinese customer of the M&M tractor.
Mahindra (China) Tractor Co is a joint venture between M&M's 100 per cent overseas subsidiary, Mahindra Overseas Investment Co (Mauritius) Ltd and Jiangling Motor Co Group (JMCG). The joint venture, in turn, acquired the tractor manufacturing assets of Jiangling Tractor Company, a subsidiary of JMCG.
The Nanchang plant has a capacity to manufacture 12,000 tractors a year. Mahindra has an 80 per cent stake in the joint venture entity, while JMCG holds the balance. Its 10-member board consists of Mr Anand Mahindra, seven others from M&M and two from JMCG. M&M's Mr Avinash Datta would head the joint venture as the Managing Director, while Mr Qi from JMCGwould be the General Manager, the statement said.