Farm equipment firm Deere & Co to invest $100 mn in India

NEW DELHI: Global leading farm equipment manufacturer Deere & Co on Wednesday said it will invest around $100 million (about Rs 450 crore) in India to set up a new factory and expand the capacity of its existing plant in Pune.

The new factory will build small agricultural tractors sold in India and for export to other countries, the company said.

The location for a new factory has not been determined yet, it added.

The company sells its tractors under the brand name ' John Deere'.

"John Deere will continue to pursue opportunities to grow in our core businesses of agriculture and construction equipment around the world. We have been successful in growing our tractor market share in India and will invest to continue that success," Deere & Co Chairman & CEO Samuel R Allen said.