“Ghee khao desi, aur chalao Massey.” This is the advertising line that would come to mind for several Indians at the mention of tractor brand Massey Ferguson. However, the story of the brand, currently at the centre of a dispute between Tractors and Farm Equipment (Tafe) and United States-based AGCO Corporation, goes much beyond the advertisement.
It symbolises the grit, dreams, determination, and passion of a young India in the 1960s that tried to ensure that the agricultural sector, on which 80 per cent of the country depended for their earnings at that time, was modernised.
According to available data, the country had hardly 37,000 tractors in 1960, all imported and mostly war-surplus products. Even today, tractor sales are a key indicator of the agricultural and rural economy.
It was on January 1, 1961, that the founder of the Amalgamations Group, Sivasailam Anantharamakrishnan, fondly called J, started an office for Tafe on Kothari Road to manufacture Massey Ferguson tractors in India. Thus began the story of Tafe and one of the longest-standing trademark tie-ups.
J’s legacy was carried forward by his son, Anantharamakrishnan Sivasailam and now by granddaughter Mallika Srinivasan (Anantharamakrishnan Sivasailam’s daughter).
Tafe is the single largest shareholder in AGCO, the third largest farm equipment manufacturer in the world after Deere & Company and CNH Industrial. Yet, on Monday, AGCO announced termination of its agreements with Tafe, including the brand licence for Massey Ferguson tractors.
“Tafe is no longer an approved licensee, user, distributor, or seller of Massey Ferguson products,” the US company said, adding that the termination was due to inappropriate and unauthorised actions by Tafe.
This story is from the October 03, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 03, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Industry bodies urge FinMin to ease TDS rate structure
Proposal seeks to lessen compliance burden on taxpayers and avoid litigation
After SC rap, Centre doubles penalty for stubble burning
Burning issue
Proactively made all disclosures, recusals: Sebi WTM on Cong's charges
Ananth Narayan, whole-time member (WTM), the Securities and Exchange Board of India (Sebi), has responded to allegations of conflict of interest due to personal investments.
Market regulator may water down skin-in-game rules for MF executives
The Securities and Exchange Board of India (Sebi) has shown intent to relax the skin-in-the-game norms applicable to senior executives of the mutual fund (MF) industry.
MSCI adds 5 Indian stocks to key index
MSCI added five Indian companies to its Global Standard Index late on Wednesday, a move that brokerage Nuvama said would lift the country's weighting on the index to 20 per cent, further narrowing the gap with China.
Trump's triumph: Will bulls run amok and gold, silver sparkle?
Top brokerages highlight opportunities, risks, and contradictions the new administration may offer
REIMAGINING ROLE OF AGRICULTURE
In the changed context of economic development, agriculture is seen playing a much larger role than perceived in the dominant thinking in development economics
Inside the world of mad billionaires
Two things about this book and its authors. One, this is the most unputdownable non-fiction that I have read this entire year.
Funding education
Easy financial assistance is not enough
Policy approach
RBI is acting selectively and with care
