Tractors and Farm Equipment Ltd (TAFE) on Saturday said that its chairman and CEO Mallika Srinivasan has been elected to the board US-based AGCO Corporation.
"AGCO Corporation a worldwide manufacturer and distributor of agricultural equipment, announced today the election of Mallika Srinivasan, chairman and CEO of TAFE, to its board of directors effective immediately," TAFE said in a statement.
AGCO holds 23% stake in the Chennai-based TAFE, which exports tractors to the US firm for sale through their distribution channels in specific markets under the Massey Ferguson brand.
Commenting on her election, Srinivasan said: "Massey Ferguson (now owned by AGCO Corp) and TAFE have had a long association of over 50 years. This is a testimony to TAFE's core values of trust and long term association with our stakeholders."
AGCO and TAFE have constantly endeavoured to leverage mutual competencies to provide enhanced value to the customer and achieve accelerated growth, she added.
TAFE and its subsidiaries had a turnover of $1.3 billion in 2010-11 with sales of about 11,7000 tractors. It exports to over 47 countries.
"The appointment of Srinivasan demonstrates our commitment to developing our business in and from this region. Mallika's role in transforming TAFE through innovative processes and products will help serve AGCO's ongoing commitment to new products and markets," AGCO Corp Chairman, President and CEO Martin Richenhagen said.