Punjab-based International Tractors Ltd, maker of Sonalika tractors, recorded an all-time high export turnover of Rs 105 crore during 2008-09, as compared with Rs 40 crore in 2007-08.
During the period, the company, bagged export orders from 18 new countries including the US Australia, Russia, Malayasia, Saudi Arabia, besides African and European countries, said Sonalika group managing director Deepak Mittal.
Despite the global financial meltdown, Mittal said the company’s annual turnover stood at Rs 2,000 crore during 2008-09 as against Rs 1,300 crore during 2007-08.
During the year, the company entered the American tractor market with hobby tractors, which are low-powered tractors with 40-45 HP used for gardening.
The company has also appointed a distributor to boost its export to neighbouring Bangladesh.
On new venture, he stated that the company had set up an assembly plant in Nigeria with collaboration with a Nigerian company to expand its export base in African countries. It has also launched tractors in tie up with Italian companies.