Mahindra & Mahindra Ltd (M&M) has announced on
Monday that Mahindra (China) Tractor Co has formally commenced
operations in China with Anand Mahindra, vice chairman
and managing director, M&M, handing over the first
tractor produced at the Nanchang factory to the city mayor,
Li Douluo, and another to a local farmer, Wan, who becomes
M&M 's first Chinese customer.
(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.
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.
10-member board consists of Anand Mahindra, seven others
from M&M and two from JMCG.