Mahindra & Mahindra has formed a JV
with Chinese tractor manufacturer Jiangsu Yueda Yancheng. M&M will invest $26
million in the JV firm - Mahindra Yueda Yancheng Tractor - where M&M will hold
51 per cent stake, while the rest will be with the Chinese partner.
According to the agreement, the
tractor related assets and current liabilities from Yancheng tractors will be
transferred to the JV company. The net assets transferred to the JV is valued at
$50 million.