The world's largest tractor maker Mahindra & Mahindra
plans to set up assembly plants in Ethiopia
April. 26 2011
The world's largest tractor maker Mahindra & Mahindra plans to set up assembly plants in Tunisia , Morocco , South Africa , Kenya , Ethiopia and Zambia , boosting its manufacturing prowess to ramp up presence in the fast-growing African economy.
At 9:45 am, shares of Mahindra & Mahindra were trading 1.49% down at Rs 756.20 on the Bombay Stock Exchange.
The auto major, which already has satellite plants in Gambia, Tchad, Mali, Ghana & Nigeria for farm equipment, will use its facilities to assemble three-wheelers, light commercial vehicles and utility vehicle Bolero to drive volumes in an economy marked by rising disposable incomes.
"Africa is an opportunistic market. We are following the bottom of the pyramid products strategy where we will leverage our product portfolio, which includes three-wheelers, LCVs, Bolero, to grow further into the African market," said Pravin Shah, chief executive, international operations, automotive and farm equipment sectors.div id="hcbcontainer">