The second largest domestic tractor exporter Sonalika is eyeing 15-20 per cent growth in overseas shipments next year, driven by new markets which it plans to foray in 2018.
Tractors exports spiked 17 per cent to 1,215 units in November as against 1,047 units sold in the same period of last year, International Tractors Limited (ITL), the maker of Sonalika tractors, said today.
The ITL, which is also the third largest tractor maker, has added 10 new markets in this year, and now has a presence across 90 global markets.
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"By 2018, ITL plans to enter five more markets and is expecting 15 to 20 percent annual growth. The export range will be equipped with engines complying with future emission standards," the company said.
The incremental volumes, are underpinned by an encouraging response from Europe and Asia, it said adding export demand also received a boost from markets in the African region, where the governments are encouraging agriculture mechanisation.
ITL produces 20HP to 120 HP heavy duty tractors from its Hoshiarpur manufacturing facility with an installed capacity of three lakh units.
Our strategy has been to focus across HP segments. To further strengthen our presence in Europe and the US, we have recently unveiled Solis 30 HST (Hydrostatic Transmission) at the Hanover show last month," Sonalika ITL executive director Raman Mittal said.
"Through our tie-up with Yanmar (the Japanese engine maker), we are targeting five more markets in 2018," Mittal said.
Besides, Hoshiarpur facility, it has assembly plants in Brazil, Algeria, Iran and Cameroon, and exports SKUs, CKUs and CBUs across all overseas markets, where it has presence.
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