Tafe Motors & Tractors invests $140 mn in US-based Agco Corp.

Tafe Motors and Tractors Ltd. (TAFE) has invested around $140 million by way of equity in US-based Agco Corporation. The US company is a worldwide manufacturer and distributor of agricultural equipment, with whom TAFE has had an ongoing relationship for over 50 years.

TAFE's spokesperson confirmed the development and said the investment is part of regular 'business co-operation'. He declined to elaborate further.

According to Reserve Bank of India (RBI) data on outward FDI from India for the month of October, Tafe Motors and Tractors Ltd. and Tractors and Farm Equipment Ltd. have invested $28.93 million and $110.41 million respectively in Agco Corporation.

Agco is a global manufacturer and distributor of tractors and agricultural equipment. It operates with five core brands,namely, Challenger, Fendt, GSI, Massey Ferguson, and Valtra. The firm manufactures agricultural equipment and sells across 140 countries.


BS