Latest News | Force Motors to Exit Tractors Business

New Delhi, Mar 29 (PTI) Force Motors Ltd on Friday said it will exit tractors and connected activity business at the end of the fiscal year.

The board of directors of the company at its meeting on Friday decided to close the line of business consisting of manufacture and dealing in agricultural tractors and connected activity from the close of 2023-2024, Force Motors said in a regulatory filing.

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"The company has, under its product rationalisation programme, decided to focus mainly on its core segments such as shared mobility transportation, last-mile mobility, goods and transportation, manufacturing of high technology critical aggregates for premium luxury OEMs and creation of special vehicles for civil and defence applications...," it said.

Further, the company said, "...a decision has been taken to exit the tractor business from the product portfolio of the company."

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Sales of agricultural tractors accounted for total revenue of Rs 182.53 crore for the year ended March 31, 2023, representing 3.66 per cent of the company's total revenue for the financial year ended March 31, 2023, Force Motors said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)