Japan's Mitsui & Company has bought 18.5 percent stake in ACI Motors from two investors of the Bangladeshi company at $22.75 million.

The Japanese company completed the purchase through its Singaporean subsidiary and the two signed a deal on November 29 this year.

The amount will come as foreign direct investment, according to Subrata Ranjan Das, executive director of ACI Motors Ltd.

Two senior executives from Mitsui will now join ACI Motors as part of efforts to grow the business in the global market by using the worldwide connection of the Japanese automobile company, he said.

ACI Motors, a subsidiary of ACI Group in Bangladesh, intends to boost its growth by diversifying into new markets for its locally produced agricultural machinery and by growing into sectors like electric and passenger vehicles, rice processing, and rice processing, Das said.

Mitsui will contribute to the rapidly growing Bangladesh market of over 170 million people through this strategic partnership with ACI Group to improve quality of life through integrated mobility and mechanisation solutions for agri-businesses, transportation, and infrastructure, according to the statement.

Mitsui will also aim to further expand its activities in areas such as retail and logistics leveraging the rapid growth of the consumer market in Bangladesh, it said.

According to its website, Mitsui is a global company with over $100 billion annual revenue.

It has operations in various industries, including trading, logistics and financing, infrastructure, energy, mobility, chemicals, iron and steel products, food and retail management, wellness, IT and communication, and corporate development.

ACI Motors was launched in 2007 to bring systemic change in the agricultural sector through increased mechanisation of the agricultural process, according to ACI website.

ACI Group is one of the largest conglomerates in Bangladesh with diverse businesses in the fields of mobility, pharmaceuticals, nutrition and agriculture, food, consumer products and retail.

ACI Motors assembles and sells global brand motorcycles, agricultural machinery, commercial vehicles, and construction equipment from Yamaha Motor, Yanmar, Indian agricultural equipment manufacturer Sonalika, and Chinese truck manufacturer Foton.