As per the reports, in India, the Himachal-based tractor maker namely Indo-Farm Equipment Ltd, wants to expand its operations in making high-power tractors for international market. The maker of Indo Farm brand tractors wants to get a double-digit growth in the current financial year with high-powered tractors. The company announced that it is coming up with 120 HP tractors which can be expanded to 150 HP for the international market. The company has also launched 90 HP tractors for international as well as domestic market before.
As per the reports from Business Standard, RS Khadwalia the chairman & managing director of Indo Farm Equipment Ltd said that high-powered tractors like 90 HP are very much in demand in international market. According to him in India due to collaborative farming in agriculture sector, these kinds of tractors have large demand for commercial applications as well as for custom hiring because of its higher horse power. He also said that the 90 HP tractors are equipped with the latest features available in major international brands vis-a-vis 12 x12 synchromesh transmission with inching control and higher hydraulic lifting capacity.
According to RS Khadwalia as per the reports, said that the company has made a budget of spending about 4-5% of the total turnover on R&D annually and is also targeting to sell 6,000 tractors including exports in the current financial sector, compared to 3,500 tractors of the last years. According to him, the company is forecasting a turnover of Rs 400 crore in this financial year compared to Rs 300 crore it did in the last financial year. He also said that apart from Punjab, Haryana and Himchal Pradesh, the new demands for tractors are coming up from Southern India, Madhya Pradesh, Uttar Pradesh and Bihar.
Elaborating on the exports prospect, Khadwalia said that the high power tractors will be a major gain for the company and expects to double the exports from 500 units to 1,000 units in the current economy. He also said that, shortly the company will be looking at new territories in East European countries and South America for exports. He also said that the company is getting good response for tractors from African, West Asia and South East Asian market. He also stated that the company has expanded its international portfolio by adding new products like harvester combines, silent generators to its existing product range of tractors and pick and carry cranes.