Mahindra and Mahindra group today 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 ₹ 80 crore). The Indian conglomerate has plans to independently operate in China. Mahindra and Mahindra holds 51 per cent 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 per cent in Mahindra Yueda Yancheng Tractor Company Ltd (MYYTCL), China. Upon receipt of requisite regulatory approvals and completion of other formalities, MYYTCL will cease to be a subsidiary of MOICML…,” Mahindra and Mahindra said in a regulatory filing.