Mitsui & Company, one of the largest general trading companies in Japan, has bought an 18.5 percent stake in ACI Motors Limited for $22.75 million.

The purchase was made from two investors of the Bangladeshi company through a Singaporean subsidiary on November 29.

The sale proceeds will be received as foreign direct investment, according to Subrata Ranjan Das, executive director of ACI Motors Limited.

Mitsui says it generates an annual revenue of over $100 billion from operations spanning trading, logistics and financing, infrastructure, energy, mobility, chemicals, iron and steel products, food and retail management, wellness, IT and communication, and corporate development.

Launched in 2007 focusing on agricultural mechanisation, ACI Motors now assembles and sells, among others, agricultural and construction machinery, commercial vehicles, motorcycles, and marines diesel engines of brands Yamaha, Yanmar, Sonalika, and Foton.

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

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

ACI Motors, a subsidiary of ACI Group, intends to boost its growth by entering new markets and diversifying its range of products to include rice processing equipment and electric and passenger vehicles, Das said.

Mitsui will further expand its activities in areas such as retail and logistics and contribute to Bangladesh's rapidly growing market through integrated mobility and mechanisation solutions for agri-businesses, transportation, and infrastructure, according to a statement.