Indias Mahindra to buy 51% in China tractor co

Mahindra & Mahindra Ltd, India's top utility vehicle maker, is likely to acquire 51 percent in Chinese tractor firm Kianbsu Yueda Yancheng, CNBC-TV18 news channel reported on Monday, citing unnamed sources.
 
A spokesman for Mahindra, which is holding a news conference later on Monday, was not immediately available.
 
Mahindra, also India's top tractor maker, now has a joint venture with Chinese tractor maker Jiangling Motors Co. The venture, Mahindra China Tractors, began operations in July 2005.
 
Mahindra last month bought the assets of motorbike and scooter maker Kinetic Motor. Sources have also said General Motors Corp is in talks with the Indian firm about selling its Hummer brand.
From:Reuters

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