Japanese major Kubota Tractors is looking for setting up shop in India via joint venture (JV) with Japan`s largest integrated business enterprise Sumitomo Corporation for manufacturing tractors, reports Economic Times.

The JV will focus on the mid-range 30-40 hp tractors that account for the maximum sales, sources close to the development said. M&M and Punjab Tractors have a combined market share of 40% in the Indian tractor market, while global players such as John Deere and New Holland enjoy a small presence.

The Kubota-Sumitomo team has sounded out potential candidates for various positions, according to sources. Sumitomo already has a presence in the country through wholesale trading activities. It is one of the largest shareholders in Swaraj Mazda, the light commercial vehicle major and Maruti Service Masters, the joint venture between Maruti, Sumitomo (98% holding) and Maruti Countrywide.