On Road Price
The chief minister, who rolled out the first tractor, termed the new plant, which had more than doubled the production capacity, as a major achievement for Punjab.
He lauded the commitment shown by the employees of International Tractors Ltd, and appreciated their contribution to the creation of the world-class facility.
The plant, spread across 85 acres, is fully equipped to manufacture three lakh units ranging from 20 HP to 120 HP tractors.
Singh said Punjab, heavily dependent on agriculture for growth, needed such investments and the high-end tractors being made at the plant would be highly beneficial to the farmers who need modern equipment to improve crop yields and quality.
The company's management presented a cheque of Rs 1 crore for the Chief Minister's Relief Fund. They also presented a tractor to Capt Amarinder, who gifted it to Citrus Estate in Chhauni village, which he had earlier visited.
The company's chairman L D Mittal said, "With this new advanced facility, we aim to further strengthen our position in India and the overseas markets. Our advanced technical processes, large-scale manufacturing set up and eco-friendly focus in the plant has created a new benchmark in the tractor industry".
"Apart from industrial growth in the state through this plant we have also generated significant employment opportunities for residents. Sonalika ITL plant is indeed a real story of Make in India campaign," he said.
The company's executive director Raman Mittal said Sonalika ITL's "...integrated tractor manufacturing plant has been technically upgraded to roll out a tractor every two minutes. It is fully equipped to manufacture three lakh tractors annually".
Raman said this plant endeavours to bring exceptional products to Indian farmers as well.
About Yanmar tie-up, he said they have equity partnership in ITL and recently have invested further Rs 1,800 crore to increase their equity.
About the new facility inaugurated today, he said, "From beginning, we are building our own capabilities, be it in R & D or production".
The company, which produces tractors between 20 HP to 120 HP, is among the top three tractor manufacturers in the country with a market share of around 12 per cent.
"We feel this season will be overall good for the farming community and allied industry and are expecting good industry growth and good growth for us also," he said.
About overseas market, he said "we are exploring China, it is one of the biggest markets in the world. We are working out various options how to enter into China, how to be a player there. Apart from this, we have already entered into France, we have pretty much covered Europe, and in the US we have started our operations".
"Export is becoming a very big vertical for us... We want to be leaders from India in terms of volumes and in terms of quality level," Raman further said.