ITL Industries Ltd. News and Updates

NEW DELHI: Sonalika International Tractors today unveiled a 120 HP tractor 'Solis 120', the first Indian firm to do so, as it aims to consolidate its position in domestic and overseas markets. The tractor, which has been indigenously developed and manufactured by the company, has a lifting capacity of 4,500 kg. "Through this 120 HP tractor, the company is focusing on commercial farmers, by providing an ease in doing arduous work," Sonalika ITL Managing Director Deepak Mittal said in a statement. With the launch of the new tractor, the company aims to further strengthen its exports. It currently exports to more than 24 European countries, making it a leading Indian brand in Europe and markets like Algeria, Nepal, Bangladesh and Myanmar. In the last four months, the company witnessed a growth of 24 per cent in exports with overseas shipments surpassing 4,000 units. The company has so far exported more than 65,000 tractors since it began shipping tractors to overseas markets in 2012. "Going forward, in next five years as part of our growth strategy, we are aiming to gain a respectable market share in China and USA, the second largest and third largest tractor markets respectively," Mittal said. Sonalika has already established strong footprint across South and Latin American markets. Sonalika ITL is the first and only Indian company to indigenously develop and manufacture 120 HP tractors with the aim to strengthen and increase its presence in domestic and overseas market, it claimed.

ITL Industries Ltd. is trading below all available SMAs

ITL Industries Ltd.

16 Jun 2016, 03:00AM

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Japanese tractor maker Yanmar seeks to up stake in ITL to 20%

Economic Times

NEW DELHI: Japanese tractor maker Yanmar is in talks with International Tractor Limited, to raise its stake in the third largest tractor maker in India. Yanmar owns 12.5% stake in International Tractor and has expressed interest in raising that to 20%, the company's top official told ETAuto. Yanmar was an early investor in the Indian company having bought the stake in 2005 for Rs 200 crore. "Our Japanese partner (Yanmar) is willing to buy 8% more in the company. We will see if we can accommodate them," Deepak Mittal, managing director, ITL, told ETAuto in an exclusive interview. Blackstone, a leading US private equity investor, is the other investor in the unlisted tractor maker. Blackstone is looking to exit International Tractors Limited (ITL). "Yes, they want to exit and we have a number of interested investors. However, we are also considering the option of buying back their stake," Mittal said. Blackstone currently owns 18% stake in the tractor maker it bought for Rs 520 crore. The Hoshiarpur-based tractor maker has been on a fast track. It started manufacturing tractors in 2005 and last year overtook Escorts as India's third largest selling tractor brand. Company attributes its impeccable profitability to availability of low-cost manpower in Punjab. "One of the major reasons is that we don't pay interest on any debt, since we don't have loans and the second reason is that we have very competitive labour cost here," says Mittal. ITL's profitability has remained intact as they are also very well diversified, said Abdul Majeed, automotive sector...

ITL Industries Ltd. is trading below all available SMAs

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