TAFE has said that the industry would grow 8% CAGR for the next three years.

Chennai: Privately held Amalgamations group firm Tractors & Farm Equipments Ltd (TAFE) has said that the industry would grow 8% CAGR for the next three years and it would better industry growth.

World's third largest tractor maker TAFE hopes to sell 1.55 lakh units (including exports) for the current year, up from 1.45 lakh units last year. The tractor maker, which makes and sells tractors under Massey Ferguson, Eicher and TAFE brand said that there were significant growth potential as farmers look for increased mechanization.

"We will see better than industry growth," TAFE's chairman and CEO, Mallika Srinivasan said. She launched a new 'Smart' series of Massey Ferguson tractors and premium compact utility tractors. She also said that two new product platforms under its Eicher brand.

Exports for TAFE will also rise, she said. From 18,000 to 20,000 units projected for the current fiscal, exports will increase to 32,000 units in 2018-19.

The company will be shipping out sizeable number of 100hp tractors to African market under TAFE brand.

She said with the new Smart series tractors the company will redefine customer experience with respect to productivity, efficiency and return on investments. By end of 12 months, the company hopes to sell around 10,000 units in Smart series.