"Our experience in other countries like Brazil, Turkey, Mexico, China and CIS shows that an economy opened to globalisation rapidly changes to agricultural products, hence India is a priority market for us," Case New Holland Chief Executive Officer Franco Fusignani said.
New Holland Tractors India, an wholly-owned subsidiary of Case New Holland, would extend its offering to 30 models of tractors from the current 12, besides expanding its production capacity to 40,000 units by 2011, he added.
"We will be investing between $30 million and $60 million (over Rs 250 crore) depending upon the models to be launched. The current installed capacity of 30,000 units would also be expanded," Fusignani said.
The company currently offers tractors between 35 horse power (hp) and 75 hp. "We will be delivering next generation tractors up to 80 hp in the next three years."
New Holland Tractors, which clocked a revenue of $250 million (over Rs 1,000 crore) in last year, is targeting to more than double it by 2011.
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"As we expand our product portfolio, we expect our revenue to double and touch Rs 2,400 crore mark in the next three years. We are targeting about 50 per cent contribution from export by then," Fusignani said.
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.
"After this expansion drive, we are hoping to capture about 10 per cent share of the domestic tractor market from the current six per cent," New Holland Tractors (India) Business Director Rakesh Jinsi said.