MUMBAI, 8 April 2018: With an eye to expand its footprint in Balkans and Eastern Europe, Indian tractor manufacturer, Tractors and Farm Equipment Limited (TAFE) has acquired Serbian based tractor and agriculture equipment brand IMT - Industrija Masina i Traktora.

The company has acquired the company for INR 45 million (USD 800,000), which it believes help the company to expand its reach in these regions.

Speaking on this, TAFE company chairman & CEO, Mallika Srinivasan said that both the companies have shared a long mutually beneficial partnership and the acquisition will play a key role in TAFE’s strategic and growth plans for the future.

Through this acquisition, TAFE acquires the right to use the Brand and Intellectual Property Rights, including the Designs, Trademarks and Copyright (IPR) of IMT.

After this, TAFE will now support its local partner with supply of components and aggregates for the rollout of IMT tractors in Serbia and allied markets.

IMT offers wide range of products including implements and tractors suitable for cultivating agricultural land, vineyards and orchards and used for infrastructure applications.

The implements range includes ploughs, trailers, maize planters, seed drills, cultivators and loader forklifts.

The company which manufacturers tractors between 35 HP and 210 HP has a long association with third-largest tractor manufacturer in the world and the second largest in India by volumes, TAFE wields about 25% market share of the Indian tractor industry with a sale of over 150,000 tractors (domestic and international) annually.

Apart from this, TAFE also owns Massey Ferguson, Eicher tractors brands and export it over 100 countries, including the developed countries in Europe and the Americas.

It manufactures a range of tractors in the sub 100 hp segment in both, the air-cooled and water-cooled platforms and has over 1,000 strong distribution network that covers the entire length and breadth of India.