Chandigarh: Tractor maker Indo Farm Equipment on Monday said it is eyeing to double tractor exports in current fiscal by expanding its overseas market to Eastern European countries and South America with a range of high-powered capacity tractors.
"We expect to double tractor exports from 500 units sold in last fiscal to 1,000 units in current fiscal," the Himachal Pradesh-based company's CMD R S Khadwalia told reporters here.
He said the company is looking at new territories for increasing its exports such as East European countries and South America. At present, Indo Farm exports tractors in African, Middle East and South East Asian markets.
The company intends to increase exports on the basis of launching high-powered tractors for carrying out farming activities.
"As far exports are concerned, the high power tractors will be game changer for the company because there is a great demand for high HP tractors in overseas markets," he said.
The company has plans to roll out tractors in the capacity of 120 HP which can be expanded to 150 HP for the global market, he said. The company has also rolled out 90 HP tractor for Indian market.
"High powered tractors like 90 HP are very much in demand in overseas market. As far India is concerned it is catching up with the advent of corporate and collaborative farming in agriculture sector.
"These kinds of tractors will find large demand for commercial applications as well as for custom hiring because of its higher horse power," he said.
On the domestic front, the company is targeting to achieve double digit growth despite the tractors market facing slowdown. "We have a target to sell 6,000 tractors including exports as against 3,500 tractors sold in last fiscal," he said.
"Besides Punjab, Haryana and Himchal Pradesh, the new demands for tractors is coming up from Southern India, Madhya Pradesh, Uttar Pradesh and Bihar," he said.
Indo Farm is also eyeing to achieve turnover of Rs 400 crore for current fiscal in comparison to sales of Rs 300 crore achieved in last fiscal.