Sonalika to invest Rs 100 cr in Bihar to produce tractors
The company, which is also exploring possibility to invest in Madhya Pradesh, Karnataka and Tamil Nadu, will start exporting its products to the US in the next four-five months.
"We have a parts making unit in Patna that was set up for Rs 100 crore. Now we are investing another Rs 100 crore in the facility to roll out tractors. We will have a capacity to produce 20,000 units every year," Sonalika Group Chairman L D
The company has two more facilities in Punjab and Himachal Pradesh.
He further said the group is looking to set up a plant in Madhya Pradesh.
"We are also talking to Karnataka and Tamil Nadu to set up production facilities," he added.
When asked about exports, Mittal said the company has received the necessary environmental clearances for launching its tractors in the US market.
"Sales of Sonalika tractors in the American market will start in the next four-five months," he added.
Talking about sales expectation this fiscal, Mittal said the company is growing at 25 per cent rate at present.
"In this fiscal, we are targeting to sell a total of 60,000 units compared to 47,000 units in last fiscal," he added.
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