June 13, 2022
Blog Admin
M&M new Tractor plant at Mohali
Fueled by demand, M&M to set up its first tractor plant in decade in Mohali
Mahindra & Mahindra going to setup new plat in Mohali as demand for tractors in the world’s largest market has seen a sharp 44 per cent jump year-on-year in the first two months of 2022-23.
Fueled by a strong domestic demand, India’s leading Tractor manufacturer Mahindra & Mahindra has planned to setup a greenfield tractor plant in Mohali near Punjab. The demand for tractors in the world’s largest market has seen a sharp 44 per cent jump year-on-year in the first two months of 2022-23, after some moderation in growth in 2021-22.
At present, M&M controls 40 per cent of the market, is leading the growth chart & it has grown faster than the industry in the last two months. At present,Mahindra’s current tractor plants in Maharashtra, Gujarat, Haryana, and Telangana are running at 90 per cent capacity utilisation rate & In 2012, the company had set up a facility at Zaheerabad in Telangana.To further our overall capacity, it is setting up a brand new greenfield plant in Punjab near Mohali.
Hemant Sikka, president, tractor and farm equipment sector, M & M informed BigGaddi.com, that the company will be investing Rs 400-crore in this plant and the construction has been going on in full swing.
In the first phase, it will have a capacity to make 30,000 tractors per annum. It is planned that the new facility will only feed the domestic demand, whereas the units in Zaheerabad and Nagpur will continue to address the export demand.
According to the Tractor Market experts, a spike in minimum support prices of crops, the forecast of a good monsoon, and other positive indicators for the rural economy boosted the tractor volumes in April and May .Even Mr. Sikka is very confident of the road ahead for the tractor market in India. He sees the company’s newly launched models like the YUVO to see a 100 per cent growth YoY in the coming months.
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