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Our Bureau

Chennai , Jan. 6

AGCO Corporation of the US, a leading manufacturer of tractors and other agricultural equipment, plans to increase its components sourcing from India to $10 million (about Rs 45 crore) over a period of time.

It has tied up with Tractors and Farm Equipment Ltd (TAFE), part of the Chennai-based Amalgamations group, to source components from India. AGCO has nearly 25 per cent stake in TAFE.

According to a TAFE release, AGCO's global purchasing group will work through TAFE for its component sourcing needs.

AGCO, whose products are sold in 140 countries, has been sourcing components such as machined parts, forgings, rubber hoses, hydraulic pumps, and gears for its locations in Brazil and the UK.

It manufactures tractors under various brand names like Massey Ferguson, Fendt, Challenger and Valtra. Its component outsourcing is estimated at $300 million annually.

This arrangement between the two companies began towards the middle of 2003 and TAFE started supplying hydraulic pumps for original equipment fitment for AGCO's Brazil operations.

TAFE has in-house facilities for making hydraulic pumps and gears for tractors, besides panel instruments, engineering plastics, and tools and dies for the industry.

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