New Holland rolls out 1 lakhth tractor, to invest $30-60mln by 2011

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New Delhi, Jul 21 (UNI) Announcing the roll out of its one lakhth tractor, New Holland India, a majority-owned subsidiary of Fiat group, today said it will invest 30-60 million dollars in the next three years to enchance its productivity.

''In the next three years, New Holland plans to double its revenue to Rs 5,700 crore from Rs 2,400 crore, with investment between 30-60 million dollars to increase its productivity,'' its parent company CNH International SA CEO Franco Fusignani told reporters here.

Besides, the company also plans to set up a new spare parts depot in the country to make spare parts easily available to the customers.

''We will set up a spare parts depot which will make spare parts easily available to the customers. The depot will start operating from January 1, 2009,'' Mr Fusignani said.

It also plans to increase its product offerings from 12 to 30 and expand its capacity to 40,000 units from the present 30,000 units by 2011.

The company will also invest in expanding its manufacturing facility in the production of a new drive line and axles.

From the inception of its operation in the country, New Holland has invested a total of 130 million dollars.

During the last fiscal, it registered a growth rate of 26 per cent with an annual sales of 23,319 units.

The company, with a network of 400 dealers across India, exports tractors to more than 50 countries in Asia, West Asia, Latin America, North America, Australia and Africa.

UNI AK SG HT1712

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