Source: The Economic Times, Jun 18, 2013
NEW DELHI: New Holland Fiat India, part of the Italian automotive major Fiat Industrial Group plans to invest Rs 1100 crore to set up a new greenfield plant in Maharashtra and increase its tractor manufacturing capacity by 50% in the next three years.
The company would take its tractor capacity to 60,000 units at the Greater Noida plant in Uttar Pradesh with a cumulative investment of Rs 230 crore. Currently it churns our 40,000 tractors per year. Besides, an Rs 550 crore plant will come up at Chakan in Maharashtra to make sugarcane harvesters, cotton pickers and harvest combiner’s for various crop applications in the country.
New Holland MD Rakesh Malhotra told ET, “We have lined up fresh investment to launch new farm implements and emerge as a integrated farm solutions company for the Indian agriculture market. We are also beefing up our R&D facility with an additional investment of Rs 220 crore to developed products and farm equipment for captive application in the Indian market.”