The company will invest Rs 1000 crore in setting up a new tractor assembly plant, and, additionally, Rs 300 crore in setting up a new high-pressure foundry.
14 Mar 2024 | 12027 Views | By Autocar Professional Bureau
Sonalika tractors announced on Friday the laying of the foundation stone for two new plants in Punjab.
The development is in line with the company's commitment to infuse a fresh round of investment announced late last year. Sonalika will invest Rs 1000 crore in setting up a new tractor ...
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Sonalika tractors announced on Friday the laying of the foundation stone for two new plants in Punjab.
The development is in line with the company's commitment to infuse a fresh round of investment announced late last year. Sonalika will invest Rs 1000 crore in setting up a new tractor assembly plant, and, additionally, Rs 300 crore in setting up a new high-pressure foundry.
The state-of-the-art tractor assembly facility, which was unveiled by state CM Bhagwant Mann, is dedicated to Sonalika Group’s export commitments and will increase the company's annual capacity by an additional 1 lakh tractors once fully operational.
In addition, the Japanese engineered DRAS, a high-pressure foundry plant, will be the largest casting plant in North India once it is ready.
Dr. Amrit Sagar Mittal, Vice Chairman, Sonalika Tractors said, “Sonalika’s fresh round of investments in the Hoshiarpur will pave way for further solidifying our position as the proud owner of the world’s largest tractor manufacturing facility. The government' s support has been phenomenal, particularly through its single-window channel for facilitating the establishment of new projects in Punjab. The collaborative efforts between the private sector and the government are fostering a conducive environment for business growth and innovation.”
Akshay Sangwan, Director - Development & Commercial, Sonalika Tractors, said, “Our heavy duty tractor range will get a major boost in terms of quality and expansion as the new casting plant is equipped with a melting capacity of over 1 lakh metric tonnes per annum. Featuring the state-of-the-art German-made Kunkel Wagner high-pressure moulding line, DRAS is poised to elevate the quality of tractors through the production of fine-quality casting.”