Italy's $1 billion Same Deutz-Fahr Group will make India an export hub for tractors and would invest Rs 50 crore (Rs 500 million) in its plants at Ranipet in Tamil Nadu over the next two years, a top official of its 100 per cent Indian subsidiary said on Wednesday.
The group produced 3,000 "Same Tractors" from February this year after its relaunch, including 1,500 for exports, Same Deutz-Fahr India's managing director Kamal Bali told reporters in Bangalore.
Same planned to produce 12,000 tractors annually by 2008, including 5,000 for exports to countries such as Zambia, Kenya, Columbia, Israel, Sri Lanka and Nepal, he added.
Bali said the group would invest Rs 50 crore in the next two years on quality improvement, upgrading from Euro-I norms to Euro-II and CNC machines among others. The company's tractor plant currently has an installed capacity of 7,100 and engine manufacturing plant 15,000 units annually, he said.
The company today announced a tie-up with State Bank of Mysore on extending loans to buyers of Same brand of tractors under which they would get 90 per cent of the loan amount at an interest of 10.5 per cent.
Bali said the company was planning to tie up with four or five banks for a similar association.
The company was currently producing four varieties of tractors with a horse power of between 39 and 60, and would come out with a 35 HP entry level model as well as one between 70 HP and 80 HP next year.
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