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Home/News/Contract signed to sell Serbian tractor maker to Indians

Contract signed to sell Serbian tractor maker to Indians

A contract of sale of the Industry of Machinery and Tractors Belgrade (IMT) to the Indian TAFE was signed in Belgrade on Wednesday, the government announced.

This was done with Prime Minister Ana Brnabic and Minister of Agriculture, Forestry and Water Management Branislav Nedimovic in attendance.

The contract of sale of the bankruptcy debtor as a legal entity was signed by Deputy Director of TAFE Kamal Ahuja and Dusan Dragojlovic on behalf of the Bankruptcy Supervision Agency.

The Indian company purchased the legal entity¸i.e. the IMT trademark, for RSD 66,081,562, a plant in Jarkovac near Secanj and technological drawings.

Other assets of IMT will enter the bankruptcy estate.

TAFE announced a multi-million-dollar investment in production facilities in Serbia and in subcontractors.

According to company management’s estimates, TAFE will produce at least 5,000 tractors per year in Serbia in the next five years, with the aim of reaching the production of 10,000 tractors.

Brnabic pointed out that the resumption of work of IMT and the conservation of the brand, which marked the agriculture of these lands in the last 60 years, was an important and difficult task that the Serbian government has managed to finish.

“we have made great efforts to re-launch this story, preserve the IMT trademark and find the investor,” she said and underlined that resolving the issue of bankruptcy remains a priority of the government.

Nedimovic noted that the tractor is a symbol of agriculture and that this branch was at a loss because IMT stopped producing tractors.

He pointed out that the start of production in IMT is also important for Serbia’s GDP, since in our country only 400 tractors were produced last year.

Kamal Ahuja, deputy director of TAFE, recalled the decades-long cooperation between IMT and TAFE, pointing out that the goal is to continue this cooperation for many more years.

Source; B92