An Indian multinational took over one of Turkey's largest tractor manufacturing firm, the Indian company said Wednesday.
According to a statement by Mahindra and Mahindra, the company signed an agreement acquiring 100 percent share capital of Erkunt Traktor for $76 million.
The company signed another agreement for $41 million acquiring 80 percent capital of Erkunt Sanayi, a leading producer and supplier of iron castings and machine parts in Turkey and other global markets, the statement added.
Erkunt Traktor sells its products under the 'Erkunt' brand name in Turkey, and under the name 'ArmaTrac' internationally. In 2016, the company sold approximately 4,700 tractors.
The firm produces 23 models of tractors.
The turnover for the two companies Erkunt Traktor and Erkun Sanayi was $90 million and $48 million in 2016, respectively.
The Mahindra Group has more than 200,000 employees in 100 countries in various sectors including automobiles, information technology, financial services, aerospace, defense, energy, real estate and steel.
At the start of this year, Mahindra and Mahindra bought 75.1 percent share of another Turkish farm equipment firm Hisarlar Makina for $19 million.
