Sonalika International Tractors Ltd (SITL), which is involved in manufacturing and exporting tractors, farm equipment and accessories, is keen to launch its Solis 120 in the domestic market. Essentially, a 120 horse power (hp) tractor under its brand name ‘Solis’, the product was unveiled last year and is already available in international markets.
The homegrown tractor-making giant, which produces tractors ranging from 20 hp, is among the top three tractor manufacturers in the country with a market share of around 12 per cent. The annual revenue of the company grew by 17 per cent to Rs 4,268 crore for financial year 2016-17 and is hoping to post a compound annual growth rate of 15-20 per cent over the next decade.
While sharing the company’s annual performance, Raman Mittal, Executive Director, Sonalika ITL, says, “Sonalika Group, since the past two decades, has always endeavoured to empower farmers by providing complete agricultural solution that will enhance their agricultural productivity. Our current product portfolio ranges from 20 hp tractors going all the way to 120 hp ones. We have unveiled the Solis 120 last year which we are open to sell in the local market, provided there is a demand for it. It is already doing quite well in the overseas markets.” He went on to add, “We are already selling special tractors catering to farmers at vineyards, orchards, etc.”
Having a presence in over 80 countries, it is the second largest tractor exporter and has increased its customer base from 600,000 to 700,000. Currently, it is planning to foray into 10 new markets, including the US, Japan and South Korea.
The company has recently inaugurated a Rs 800-crore integrated tractor manufacturing plant spread across 85 acres and is fully equipped to manufacture 300,000 units per annum. It has already tied up with Japanese heavy equipment manufacturer Yanmar for assembling the latter’s paddy special and light-weight tractors in the country.
“We are the only Indian company to export to more than 24 European countries, making it the top Indian brand in Europe. The company takes pride in being the number one brand in Africa apart from being market leaders in countries such as Algeria, with around 60 per cent market share, Nepal with 22 per cent, Bangladesh with 20 per cent, among others,” Mittal added.
BW Reporters
The author is a Principal Correspondent at BW Businessworld.
