Anish Shah, managing director and CEO of Mahindra Group, told The Hindu Business Line that Mahindra may look at a spinoff of the farm machinery business because it's an area with a "huge potential for growth."
The Mahindra AgTech Center will complement the work being done in product development centers in India, Japan and Finland to create product solutions for farmers globally. The collaboration with Virginia Tech researchers is focused on technology projects to develop new generation farm equipment.
(Editor's note: This article is being reposted with corrections.) To establish Mahindra Tractors as a global brand, Mahindra & Mahindra (M&M) is looking to double its business in the U.S. market to $1 billion by 2020 compared to $547 million earned during the 2017 financial year.
Mitsubishi Agricultural Machinery is Japan’s fourth largest farm machinery manufacturer with revenues of $408 million in the last financial year and 1,700 employees.
The Hindu Business Line reported on February 14 that Mumbai, India-based Mahindra & Mahindra posted a 9.3% increase in net profit for the third quarter ended December 31. Overall, the company sold 76,362 tractors during the period, an increase of 22.1% vs. the same period one year ago.
India’s major utility player Mahindra & Mahindra's Farm Equipment Sector division has reported 37.01% jump in its total tractor sales in June to 22,730 units.
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