Ending the Feud: TAFE Secures Sole Ownership of Massey Ferguson Brand in India

Tractors and Farm Equipment Ltd (TAFE) has announced the resolution of its long-standing corporate dispute with AGCO Corporation, based in the United States, through an out-of-court settlement.

According to the agreement, TAFE will become the exclusive owner of the Massey Ferguson brand in India, Nepal, and Bhutan. This also involves TAFE buying back 20.7% of its own shares from AGCO for $260 million. Consequently, TAFE becomes a wholly-owned subsidiary of the Amalgamations Group, headquartered in Chennai.

TAFE will maintain a 16.3% investment in AGCO, supporting board decisions while honoring existing commercial commitments despite mutual termination of agreements. This strategic settlement includes withdrawing litigation and calls for recognizing the historical partnership between TAFE and AGCO, as affirmed by TAFE's Chairman, Mallika Srinivasan.

(With inputs from agencies.)