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Tractor maker Escorts Ltd has entered into a joint venture with Rajkot-based auto components maker Amul Group for manufacturing specialty tractor Steeltrac.
Escorts had joined hands with Amul Industries in 2012 for the development and distribution of Steeltrac and the new joint venture will help Escorts tap the growing market for speciality tractors.
Steeltrac is a specialised tractor which is complementary to general purpose tractors that can efficiently facilitate operations like inter-weeding for farmers growing row-crops such as groundnut, cotton and sunflower.
Steeltrac will additionally revolutionise mechanising local, short distance haulage in the country.
“The Escorts-Amul joint venture is an excellent strategic fit, presenting a unique opportunity to leverage the complementary strengths of our product portfolio. The market for (speciality tractors) has witnessed a phenomenal growth from zero to approximately 20,000 units within last four years. We will expand and lead these segments in the times to come,” Rajan Nanda, Chairman and Managing Director, Escorts, said in a statement.
Chandubhai K Santoki, Chairman, Amul Group, added: “To manufacture specialised-tractors, we have set up a modern production facility at Rajkot with a capacity to produce over 10,000 tractors a year. The Escorts-Amul partnership will go a long way in addressing the farmers with special needs.”
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