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M&M to invest Rs 400 cr in tractor biz
Mahindra & Mahindra Ltd on Thursday said it would invest Rs 400 crore in its tractor business over the next two to three years to set up a new greenfield plant, expand capacity and develop new products.
Meanwhile, commenting on the company's proposed acquisition of Tractorul in Romania, Mr Choudhari said that M&M was still in talks with the Romanian Government after the latter approached the company with a renewed offer.
An earlier bid by M&M to purchase Tractorul had fallen through after the Romanian Government's decision to write off 180 million euros debt of Tractorul, while selling it to M&M, was rejected by the European Union's competition commission.
China facility
Mr Choudhari added that M&M was also testing the Indian market for suitability of tractors manufactured at its China facility. 'We have brought in a small lot of tractors manufactured from our China facility, which are in the 20-25 HP range. Since the soil in China is different from that of India, we are testing it here,' he said.
