India's Mahindra to take majority in Chinese JV


MUMBAI, Aug 18 (Reuters) - Mahindra & Mahindra Ltd , India's top tractor maker, said on Monday it would take a 51 percent stake in a joint venture with a Chinese firm and the ventrue would acquire the latter's tractor operations for $50 million.

Mahindra's contribution to the joint venture with China's Jiangsu Yueda Yancheng Tractor Manufacturing Co would be $26 million, it said in a statement.

Mahindra, also India's top utility vehicle maker, already makes tractors in China through Mahindra China Tractor Co. Ltd. (Reporting by Rina Chandran; Editing by Ranjit Gangadharan)



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