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Home arrow Defence arrow Mahindra & Yueda Group JV to invest US $ 40 mn in plant, R&D centre in China
Mahindra & Yueda Group JV to invest US $ 40 mn in plant, R&D centre in China Print E-mail
Written by Vijay   
Tuesday, 22 December 2009
Mumbai:  Mahindra Yueda (Yancheng) Tractor Company (MYYTCL), a joint venture between Mahindra & Mahindra, Ltd and Yueda Group, will set up an R&D centre, manufacturing plant for engines, and make investments to modernize production facilities for tractors at the MYYTCL new plant site at Yancheng, China.

The total investment is approximately US $ 40 mn, out of which the engine R&D centre and manufacturing plant will have an investment of US $18 million.

MYYTCL’s effort to set up a R&D centre and engine facility and develop the tractor plant at the new industrial zone has been encouraged and supported by the Yancheng Government.

This announcement followed on the heels of a meeting between Mr. Anand Mahindra, Vice-Chairman and Managing Director, Mahindra Group, and Mr. Cao Youhu, Vice-Mayor of Yancheng City, and Mr. Chen Yunhua, Chairman of the Yueda Group, in Mumbai. Mahindra had acquired a majority stake in Yancheng Tractors last year, and the JV has since completed a year of successful operations.

"I am pleased to see the high level of commitment of MYYTCL to bring superior products for the Chinese customers, which is being reinforced by the investment decisions taken by the two Partners. Fuel efficient and reliable engine technology will help to lower emissions and carbon footprint. I compliment the Yancheng City Government and Yancheng Economic Development Zone in encouraging industry and supporting MYYTCL and the investment in research initiatives," said Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group.

"I am impressed by Mahindra & Mahindra’s business & people processes and technology capabilities. I am happy to note the significant progress made by MYYTCL in its first year of operations. This is enabled by the complementary strengths of the two JV Partners. Yueda Group’s business in China is growing profitably. We are confident that MYYTCL will be a significant participant in the huge China agricultural machinery market," said Chen Yunhua, Chairman, Yueda Group

"As was envisaged for the JV, the investments in the R&D centre, engine plant and modernization of tractor manufacturing facilities will help us to produce tractors with improved performance, quality and reliability. These measures along with our efforts to build a better Sales and Service infrastructure will help MYYTCL improve its tractor sales in China and in the Export market," said Anjanikumar Choudhari, President, Farm Equipment Sector, Mahindra & Mahindra Ltd.

 
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