The Serbian government sold its insolvent tractor manufacturer, Industrija Masina i Traktora (IMT), to India’s Tafe for $697,000. The sales contract is expected to be signed this week, said Serbian Prime Minister Ana Brnabic. Tafe will operate the company under the IMT brand and intends to produce 5,000 tractors in Serbia over the next five years. It is planning to export tractors to former Yugoslavian countries as well as Poland, Romania and Hungary. The company is currently looking for strategic partners outside Serbia. IMT was declared insolvent and ceased production in December 2015.
