Financial Daily from THE HINDU group of publications
Tuesday, Dec 07, 2004
Financial Daily from THE HINDU group of publications Tuesday, Dec 07, 2004 |
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Corporate
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Outlook M&M bullish on tractor market Our Bureau
Mr Anand Mahindra, Vice-Chairman & MD, Mahindra & Mahindra, addressing a press conference in the Capital on Monday. — Ramesh Sharma
New Delhi , Dec. 6 MAHINDRA & Mahindra Ltd is seeking to maintain its strong market share in the competitive tractor category with an aggressive product strategy. The company, which has a 26.5 per cent market share, on Monday announced the launch of two new tractor models and said that it was working on more rollouts in subsequent months. These could include high horse-power (HP) tractors from the horizon-III range or compact tractors, Mr Anand Mahindra, Vice-Chairman and Managing Director, M&M Ltd, said at a press conference while announcing that the company had become the first Indian tractor unit to achieve sales of one million units. The company is conducting a feasibility study to introduce the horizon-III range in India and may introduce it in the Indian market within the next year. M&M currently only exports the horizon-III tractors under which it has tractors in the 65-70 HP range. The company also plans to produce a 120 HP tractor under the range in the next 1-2 years. Meanwhile, the company is expecting the tractor industry to grow by about 28-30 per cent this year and hopes to see similar growth in its sales. The bullishness in the domestic tractor industry is helped by better availability of credit in rural areas.
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