Financial Daily from THE HINDU group of publications
Thursday, May 30, 2002
Financial Daily from THE HINDU group of publications Thursday, May 30, 2002 |
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Corporate
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Mergers & Acquisitions Same Deutz-Fahr buys out stake in jt venture Our Bureau
NEW DELHI, May 29 ITALIAN tractor maker Same Deutz-Fahr S.p.A has bought out the equity stake of Greaves Ltd in their equal joint venture for $5 million to strengthen its Indian operations, company officials said on Wednesday. The company has a manufacturing unit at Ranipet in Tamil Nadu, which has a capacity to produce 10,000 tractors annually. But Same intends to manufacture and sell about 5,000 tractors annually to start with, Mr Kamal Bali, Commercial Director (Asia), said at the press conference. Same has invested about $25 million in the Indian operations, which includes setting up of a diesel engine manufacturing facility. The diesel engines would be sold to other tractor manufacturers as well as for farming purposes, Mr Bali said. The company intends to launch 42-hp, 50-hp, 60-hp and 70-hp tractors in the market shortly.
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