Forms joint venture and going to set up engine assembly plant in China
International Tractors Ltd (ITL) today announced its entry into the world’s largest auto market China through a joint venture with over $400 million Shandong Luyu Heavy Industry Co.
As part of the JV agreement, signed between the two partners on Saturday, Sonalika will also set up an assembly plant for engines in China, a company press note said.
Sonalika, which is already among the largest exporter of tractors from India, would add China to its overseas presence with this JV, Luyulika (Laizhou) Agri Machinery Company Ltd, Sonalika said.
“China market has enormous potential for our range of tractors and with our association with Shandong Luyu Heavy Industry Co. Ltd, we are confident of providing farmers in China with the best-in-class technology at the competitive price point,” said Deepak Mittal, managing director, Sonalika ITL. ITL at present has a presence in more than 120 countries.
Based on the Laizhou Shahe Industrial Park of the Shandong province, Shandong Luyu is an established player in small size loader, small-medium-sized excavator and forklift in China and also exports the products to many countries across geographies, the company’s statement said.
China is the second-largest tractor market of the world, and is slowly gaining relevance for global tractor manufacturers due to changing market and emission norms which offers an opportunity for Sonalika to expand its global footprint into China, the company said.
Besides, the JV will also enable the Chinese partner to expand its product line-up and offer ITL’s range of tractors in the Chinese market, it added.
“We believe this JV will be able to penetrate a deep range of Sonalika tractors in China and also help Shandong Luyu to offer engine technology of Sonalika to its customers,” said Yang Shao Jie, founder, and chairman, Shandong Luyu Heavy Industry Company. — PTI
Source: Tribune India
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