Deere & Co. said yesterday it has completed legal requirements to establish a farm equipment manufacturing joint venture in India. Financial terms were not disclosed. The agreement between the Moline, Ill.-based company's Worldwide Construction & Forestry Division and Ashok Leyland Ltd., the flagship of Hinduja Group, will be named Ashok Leyland John Deere Construction Equipment Company Private Ltd. It will initially manufacture backhoes, loaders and other equipment to be sold in India and for export. The joint venture plans to eventually provide a full line of construction equipment. Ashok Leyland has a dealer network in India and is the second-largest manufacturer of commercial vehicles in the country, Deere said. DE (NYSE) rose $1.28 (U.S.) to $36.59.
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