Indian company TAFE seriously interested in Belgrade’s IMT and IMR

Indian "Tractor and farm equipment" (TAFE) negotiates about takeover of one of the two largest East European manufacturers of tractors "Industry of Machines and Tractors " (IMT) and "Industry of Engines Rakovica" (IMR).

The second largest Indian manufacturer of tractors wants to take over 100% of one of the two Serbian companies. Both domestic manufacturers have production capacity of about 25,000 tractors.

People from Indian company announce that, due to the fact that Indian agriculture depends on monsoons, which have unfavorable effect on tractor sales, they are seeking for the other markets for further growth.

In the meantime, TAFE plans to launch "more powerful" tractors on the US market. TAFE will do the sales in America through company "Agko", which owns 24% of Indian company.