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Mahindra & Mahindra eyes 2nd tractor co in Turkey.

Mahindra & Mahindra eyes 2nd tractor co in Turkey.

CHENNAI: As part of an aggressive global strategy for its tractor and farm implements business, Mahindra & Mahindra (M&M) is currently in talks to buy a second company in Turkey after Hisarlar, which was acquired earlier this year. Sources say negotiations are at an advanced stage though the company refused to comment on the matter. M&M plans to double its global revenue from farm equipment sector (FES) to $5 billion by 2019, targeting that 50% of its total tractor revenue comes from global markets. As part of this overall strategy , M&M will use its three latest acquisitions -Turkish company Hisarlar, Finnish harvester company Sampo Rosenlew and Japanese agri implements business Mitsubishi Agri Machinery -to target big global markets like the US, Brazil, Japan, Mexico, China, Turkey and parts of Europe. The company is putting up an assembly unit in Brazil and Nigeria. "Our farm machinery revenue target is 20% by 2019, up from 5% in 2015. To that end, we are making key changes in the product mix and the geographic mix," said Rajesh Jejurikar, head of M&M's farm equipment division. Source:- http://timesofindia.indiatimes.com

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