The Punjab-based firm, which currently sells tractors in over 80 international markets, also aims to begin local assembly operations in Iran during this calender year.
"There are few countries which are already on our radar. We plan to enter ten new countries this year," Sonalika International Tractors President-International Operations Gaurav Saxena told PTI.
The company has developed tractors with Stage-IV emission norms and is now gearing up to enter advance markets like the US, Japan and South Korea, he added.
The company has tied up with two partners in the US, catering to North and South regions of the country.
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Sonalika has set a conservative target of 1-2 per cent market share in the US market in the first year of operations. The tractor market in the US is estimated to be around 2 lakh units per annum, with majority of requirement being for 20-90 HP tractors.
On enhancing the company's local assembly in global markets, he said Sonalika "will begin assembly operations in Iran with a local partner in the next 2-3 months".
"This will be our fifth global assembly operations after Algeria, Argentina, Brazil and Cameroon," he said.
For Iran, Saxena said: "We plan to start with 20 per cent of localisation and then scale it up to 40 per cent in the next one-and-a-half years. We would be able to get subsidy from the Iranian government if we reach 40 per cent of localisation there."
On the investment for the global expansion, he said: "We have invested a total of around Rs 500 crore to upgrade technology and the new manufacturing plant in Punjab over the past 2.5 years and are now ready to serve more countries."
The company sold 5,085 units during the period against
3,757 units during the same period of previous fiscal. Rest of the tractor industry sold 31,897 units during the first five months as compared to 32,368 units earlier.
The company's exports grew by 11 per cent in the previous fiscal.