Tafe, AGCO end dispute over tractor brand
Tafe
and US-based agri-machinery company
AGCO
have reached a "comprehensive settlement and resolution" after months of disagreement over brand rights, among other issues, which had led to legal proceedings.
The agreement, which resolves all disputes between Chennai-based
Tractors and Farm Equipment
(Tafe) and AGCO, will make Tafe the exclusive owner of Massey Ferguson brand for India, Nepal and Bhutan. Under the settlement, Tafe will buy back Agco's 20.7% stake in the company for $260 million. This will make Tafe a wholly owned subsidiary of the Amalgamations group.
Tafe will retain its shareholding in AGCO at an ownership level of 16.3%, and not exceed it, while participating in AGCO's future buyback programmes. Tafe will remain a long-term investor in AGCO through periodic interactions with AGCO leadership, said a Tafe statement.
All commercial agreements between Tafe and AGCO will be mutually terminated. However, Tafe will honour outstanding supply orders and continue to supply parts for all markets on agreed terms, the statement said. It will also mean that all ongoing legal proceedings will be unconditionally withdrawn. "A consent decree will be sought in the three suits relating to Massey Ferguson brand-currently pending before the Madras High Court in India," said the Tafe statement.
The agreements will become effective following the completion by AGCO and Tafe of certain governmental and other processes in India relating to the repurchase of the shares held by AGCO in Tafe.
"We recognize and cherish the long partnership we've had with Agco and continue to support Agco as an engaged shareholder," said Mallika Srinivasan, CMD of Tafe. Tafe and Massey Ferguson have been synonymous in the minds of the Indian customers for over 65 years," she added. In Sept 2024, AGCO Corporation terminated multiple agreements with TAFE, including the Massey Ferguson brand license agreement, a distributor agreement for India, Nepal, and Bhutan.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
24 minutes ago
- India.com
‘Sudarshan Chakra, You Mean?': Russian Envoy's Hindi Twist On S-400 Question Stuns Everyone
New Delhi: A press briefing at the Russian Embassy turned lively on Wednesday (August 20) when Roman Babushkin, Charge d'Affairs of Moscow to New Delhi, chose a uniquely Indian term for Russia's most advanced air defence system. The question came from a journalist on whether India might consider air defence systems like Israel's Iron Dome. Babushkin smiled, leaned forward and asked in return, 'You mean Sudarshan Chakra?' He did not stop there. With an amused expression, he added, 'Next time ask in Hindi, I can answer better!' India has already purchased the S-400 missile system from Russia. In Indian defence circles, the system carries the tag of 'Sudarshan Chakra'. It came into the spotlight during the four-day clash with Pakistan in May, when the system intercepted enemy missiles and proved its battlefield effectiveness. The comment arrives at a time when the term Sudarshan Chakra has been freshly associated with Prime Minister Narendra Modi's Independence Day speech. He spoke about Mission Sudarshan Chakra, an ambitious national project to build a homegrown air defence shield. The goal is to protect both civilian centres and strategic assets from aerial threats. Babushkin opened the briefing with a warm gesture toward his hosts. In clear Hindi, he declared, 'Shuruat karengey… Shree Ganesh Karengey!' The hall responded with laughter and applause. Throughout the interaction, the deputy chief of mission spoke warmly about India-Russia relations. He also turned sharply critical of American trade policy. Tariffs on India from Washington, he said, show 'a lack of trust and disrespect for national sovereignty'. He stressed that Moscow will remain open for Indian goods. If tariffs in the United States create obstacles, he said, Russia would 'welcome' Indian exports.
Time of India
an hour ago
- Time of India
Cyber experts warn of China, Pakistan intrusions, call for robust measures
1 2 Lucknow: Cyber experts cautioned against increasing intrusions from China and Pakistan and urged Indian authorities to rapidly strengthen digital security infrastructure on the concluding day of the Uttar Pradesh Institute of Forensic Sciences (UPSIFS) seminar on Wednesday. The final day featured detailed deliberations on cybersecurity, artificial intelligence, genome mapping, genealogical databases, forensic justice, ancestry research, forensic applications, and forensic entrepreneurship. Principal secretary (Maharashtra) Brajesh Singh spoke about how even minor cyber incidents can trigger massive disruptions, citing the Hezbollah pager attack and the malware strike that shut down India's largest port for three months. He explained that cybercrime cannot be countered by traditional policing and requires international cooperation. Breaking LockBit, for example, took the combined effort of 11 countries, he noted. Singh called for real-time crisis mapping, chain-of-custody protocols for digital evidence, tracking illicit money flows through blockchain and wallets, seizing criminal infrastructure, and swift victim assistance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee Pain Keeping You Up at Night? This Trick Could Help Instantly Read More Undo He also praised the RBI's cyber framework and said that cybersecurity was 'like agriculture, it cannot be imported, it must be cultivated within the country.' Cyber expert Robbie Abraham, who joined the seminar virtually from Australia, traced the evolution of cyberattacks, from worms like I Love You, which caused losses of USD 8.7 billion, and Conficker, which caused USD 9 billion in losses across 190 countries, to modern ransomware and phishing-based intrusions targeting browsing data, crypto wallets, and confidential information. Hackers, he said, are increasingly relying on logging and credential theft, selling stolen data on the dark web. His focus was on preventive measures such as regular security training, use of antivirus, and heightened precautions with emails and messages. Another cyber expert, Vivek Sood, discussed advanced security management in the global supply chain. Dr. Madhusudan Reddy Nandineni from the Centre for DNA Fingerprinting and Diagnostics in Hyderabad highlighted the importance of next-generation sequencing, rapid DNA analysis, and portable forensic devices. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
an hour ago
- Time of India
India leads the world in AI-driven leadership transformation: Microsoft report
Indian organisations are rapidly adopting Artificial Intelligence. Microsoft's report indicates a significant move towards AI-driven workforce enhancement. Ninety-three percent of Indian leaders plan to use AI agents soon. Frontier Firms are redesigning operations around human-agent collaboration. Many leaders are already using AI to automate processes. This shift enables organisations to scale faster. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Indian leaders are moving with confidence and urgency to integrate AI across their organisations, with 93% of those surveyed intending to use AI agents to extend workforce capabilities over the next 12-18 months, according to Microsoft's 2025 Work Trend the country-specific findings from the index, it said that India's most forward-looking organisations, what Microsoft calls Frontier Firms, are leading the charge in reimagining work."These firms are not just adopting AI; they're redesigning operations around human-agent collaboration," the company said in a 59% of leaders already using AI agents to automate workstreams or business processes across entire teams, the shift from traditional hierarchies to fluid, adaptive structures is well underway, it said."This transformation is enabling organisations to scale with agility, speed, and purpose," it Chandok, President, Microsoft India and South Asia, noted that India is firmly in its AI-first era, with AI agility accelerating at an unprecedented pace."We're seeing a workforce that's not just adopting AI, but embedding it into the fabric of everyday work -- leveraging its speed, precision, and 24/7 availability to drive meaningful transformation. Leaders are scaling operations with AI emerging as a true thought partner, fuelling creativity, fast-tracking decisions, and redefining collaboration," he shift is turning AI's promise into proof and profitability-powered by productivity, innovation, and a fundamentally new way of working, he pointed out. The sample size of the survey was 31000 participants across 31 countries. The findings were part of the global WTI survey. PTI
