Reuters: Top utility vehicle maker Mahindra & Mahindra Ltd. will sell tractors in Iran, after entering an agreement with state-run ITMCo (Iran Tractor Manufacturing Co), the Indian company said on Wednesday. MUMBAI (Reuters) – Top utility vehicle maker Mahindra & Mahindra Ltd. will sell tractors in Iran, after entering an agreement with state-run ITMCo (Iran Tractor Manufacturing Co), the Indian company said on Wednesday.
Under the agreement Mahindra, the world’s number four tractor maker, will supply tractors through ITMCo’s channels and eventually develop tractors to suit local conditions, the company said in a statement.
Officials at Mahindra declined to give financial details about the agreement.
“Iran is a focus market in our strategy to put Mahindra tractors in farms across the world,” the company said.
Shares in the company ended down 1.4 percent at 686.50 rupees in a weak Mumbai market.
Mahindra aims to emerge as the world’s number-one tractor maker in the next five years.
Iran’s ITMCo makes trucks, tractors and industrial tools.
Mahindra also has a joint venture in China with local truck maker Jiangling Motors Co. with an annual capacity of 12,000 tractors.
