Photo: MintNew Delhi: Mahindra and Mahindra group on Friday said it will exit from its China joint venture for tractor business, Mahindra Yueda Yancheng Tractor Company, by selling entire stake for RMB 82 million (nearly Rs80 crore). Mahindra and Mahindra holds 51% stake in the Chinese JV through its wholly owned subsidiary Mahindra Overseas Investment Company (Mauritius) Limited. “Mahindra Overseas Investment Company (Mauritius) Limited (MOICML)... has agreed to sell its entire shareholding of 51% in Mahindra Yueda Yancheng Tractor Company Ltd (MYYTCL), China. The company is selling entire stake to Jiangsu Yueda Investment company (2% stake), Jiangsu Yueda Group (39%) and Yan Bingde (10%) for an aggregate amount of 82 million RMB or about Rs80 crore. Turnover of MYYTCL for the year ended December 2016 stood at 339.89 million RMB and its net worth was 88 million RMB.

Source: Mint August 12, 2017 05:42 UTC