To invest over Rs. 250 crore in the next three years
NEW DELHI: New Holland Tractors India will invest over Rs. 250 crore in the next three years to expand its production as well as presence in the country. The company, a wholly-owned subsidiary of Case New Holland (CNH), would open its spare parts depot early next year to facilitate its customer.
CNH Chief Executive Officer Franco Fusignani said here on Monday that the new depot would make spare parts easily available to its customers.
New Holland India, a Fiat group company, also hopes to double its revenue to Rs. 5,700 crore in the next three years.
“We would also increase our product offerings from 12 to 30 by 2011. We also plan to export tractors to more than 50 countries in Asia, West Asia, Latin America, North America, Australia and Africa,” said Mr. Fusignani.
Announcing the completion of the roll-out of one-lakh tractors in India since its launch in India in 1981, he said: “When our first tractor in India was rolled out in 1998 I was here, and today we have reached a production milestone of 100,000 tractors from this facility, with a New Holland 5500, two-wheel-drive tractor. This achievement is a great event for all the Indian team and reflects the growing preference by our customers in India and around the world as well as the continuous commitment of our company.”
The company now offers tractors between 35 and 75 hp, and plans to deliver next generation tractors up to 80 hp in the next three years. The company sold over 23,000 tractors, including 8,000 units exported to 50 countries in 2007. It is aiming to sell 40,000 units by 2011.