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We bring you our monthly report on the automobile sales for the month of January, 2017. You can catch all the January Sales here. You can also find all the coverage in relation to the automobile sector here.
M&M Farm Equipment made into foray in Turkey by acquiring a 75.1% equity stake in Turkey-based Hisarlar – a farm equipment company based in Turkey.
Hisarlar is a market leader with 45% market share in soil preparation equipment in Turkey. The acquisition of Hisarlar will enable Mahindra to expand its footprint in Turkey and Europe, making this entity a global manufacturing base for various farm implements and tractor cabins. Hisarlar has 2 production facilities in Turkey and is a market leader in the soil preparation category of implements.
Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. said:
Mahindra is the world’s No 1 tractor company by volume, with an on ground presence in India, USA, China and Japan, besides many other export markets. Our strategy going forward is to globalise aggressively and also expand our portfolio to include various new categories of farm machinery. This acquisition is an important milestone in our globalisation journey.
M&M FES reported sales of 15,909 units in January, 2017 against 15,065 units during the same time last year resulting in a growth of 5.6%.
- Domestic Sales stood at 14,776 units against 14,402 units resulting in a growth of 2.6%
- Exports stood at 1,133 units against 663 units resulting in a growth of 70.9%
Rajesh Jejurikar, President & Chief Executive – Farm Equipment and Two Wheeler Division, Mahindra & Mahindra Ltd. said on the sales performance:
We expect that positive environmental factors in terms of higher Rabi sowing and better MSPs will drive the demand in coming months.
Note: Sales numbers presented here are manufacturer reported sales numbers i.e. factory dispatches to dealerships. They are NOT retail sales figures to end customers.
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