Utility vehicle and tractor maker Mahindra and Mahindra on Tuesday said it plans to set up a manufacturing base in Brazil.
"We are considering setting up a manufacturing base in Brazil -- a facility that can be used for both passenger vehicles and tractors," M&M vice-chairman and managing director Anand Mahindra said in New Delhi.
M&M, which has already drawn up plans for overseas markets, recently failed to acquire Finnish tractor firm, Valtra, losing out to the United States-based Agco Corporation.
"Even though we have lost this particular opportunity (losing out to Agco Corporation), it does not mean it will affect our growth plans, both organic and inorganic in the tractor division. We will continue with our strategy for global presence either through own outlets, acquisitions or alliances," an M&M official had said earlier.
M&M has the distinction of being the first Indian tractor manufacturer to enter the US market with its relatively low horse power engines.
The company has already made an entry into the European markets with sports utility vehicle Scorpio and UV Balero.