Tractor giantSonalika International Tractors Ltd. (ITL) is planning to adopt measures to boost up its sales further. It is aiming to expand market by entering into Chinese market in 2018 thereby, targeting doubled up annual sales growth in the next 5 years. The company had crossed 1 lakh unit sales milestone in the year 2017-18 and now, is looking to assembling its tractors in China with localisation through a local partner. Last month, the company said that it has allocated 2.5 billion for FY19 to meet the requirements of India well.
Sonalika International tractors has an R&D facility at its manufacturing plant in Hoshiarpur, Punjab. On the last Thursday, it said that Sonalika is planning to invest 2 billion in setting up a brand new Research and Development (R&D) facility in the National Capital Region (NCR) for different farming solutions. Further, they also declared that Sonalika will be hiring 150+ designers and domain experts for its new R&D unit (expected to be fully functional in the next 2 years).
Sonalika has set a crystal clear vision to double up its annual sales to 2 lakh tractors in the next 5 years and the 2 billion investments is the foundation of this target, the release said. This new facility is expected to be extremely effective in the sense that it will help farmers offer innovative farming solutions at the intersection of technological up-gradation, reduced product development lifecycle and new emission norms.
In the last financial year, Sonalika had sold over 1 lakh tractors – 86,000 being from the domestic market and rest exported. The executive director, Raman Mittal, Sonalika Group said that the new R&D facility centre will be fully functional to produce all prototypes and aggregates. It will work on contemporary and future technology needs to meet the emission and safety norms in global markets, including Europe and the US, he added.
All-in-all, Sonalika International Tractors is on the verge of setting up a more successful journey ahead!