Latest News | International Tractors Aims to Be Among Top Three Globally in Volume Terms by 2029-30

New Delhi, Oct 13 (PTI) International Tractors plans to attain leadership position in 25 countries outside India by 2029-30 as it aims to be among the top three players globally in volume terms by the end of the decade, a senior company executive said.

The Punjab-based company, which sells tractors under Sonalika and Solis brands across markets, is the fifth largest player in terms of volumes globally with a leadership position in as many as 14 countries.

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"We have plans to reach the top three globally in terms of volumes by 2029-30," International Tractors Ltd Director and CEO (International Business) Gaurav Saxena said in an interaction here.

He noted that the company is enhancing production capacity and model range to cater to different markets globally.

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The company is setting up a new production facility near its existing production base in Hoshiarpur, Punjab, to exclusively cater to export markets.

"It will have a production capacity of 1 lakh units per annum and should be commissioned in the next 3 years," Saxena said.

The company currently has a total production capacity of around 3 lakh tractors to cater to both domestic and export markets. Saxena said that the export-oriented plant would help the company strengthen its position in various markets including the US.

"We have plans that by 2029-30 we should have leadership in at least 25 countries outside India," he noted. Saxena noted that the company started exporting tractors to the US only two years back and has big aspirations for growth in the country.

"Last year we sold around 2,800 units there and this year it should grow to 5,000 units. We have big plans for the US market as it is the third largest tractor market globally," he added.

The company aspires to have at least a 10 per cent market share in the US going ahead, Saxena said. The company currently sells tractors ranging between 16 hp to 125 hp and is now working on even bigger products to cater to markets like the US, he said.

International Tractors will be showcasing five new series of tractors for various markets, including the US, on October 14 here to delegates from all across the world.

The company last year exported 35,000 tractors. The top five export markets for the company are Brazil, Bangladesh, Germany, France and Turkey.

"In the last 12 years, we have grown from 6 to 150 countries, from exporting 4,000 tractors in 2010 to 35,000 units last year," International Tractors Executive Director Sushant Sagar Mittal stated.

The company has assembly plants in the US, Algeria, Brazil, Thailand, and Turkey. It also has over 3,000 strong dealer networks in export markets. The tractor market globally is estimated to be around 25 lakh units per annum with India production pegged at around 10 lakh units.

(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)