Chennai: In order to make an investment of INR 500 crores, Tractors and Farm Equipment Limited (TAFE), signed a memorandum of understanding (MoU) with the Government of Tamil Nadu at the Tamil Nadu Global Investors Meet 2024.
With this investment, Tractors and Farm Equipment Limited proposes to expand its Farm Equipment Division to produce an advanced range of farm equipment for a wide variety of crops ideally suited for both Indian and international markets. In addition, TAFE proposes investment to enhance its facility for the assembly and export of silent generators to various countries in the Middle East and Africa. TAFE plans to establish as well, a state-of-the-art design and development facility in Tamil Nadu.
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TAFE’s Chairman and Managing Director, Mallika Srinivasan said, “Tamil Nadu is one of the most industrialised states, with an evolved industrialised culture, investor-friendly government, rich and diverse talent pool and inherent strengths that are conducive for innovation. TAFE is keen to leverage the vibrant ecosystem of Tamil Nadu and work closely with the Tamil Nadu government as it invests in new growth opportunities.”
“TAFE is an Indian tractor major incorporated in 1960, with an annual sale of over 200,000 tractors and a turnover of over INR 12,000 crores. One of the largest tractor manufacturers in the world, TAFE manufactures tractors under four iconic brands – TAFE, Massey Ferguson, Eicher and IMT (Industrija Mašina i Traktora). TAFE is one of the leading exporters of tractors from India and powers farms in over 80 countries across the world including nations in Europe and the Americas. It is a significant shareholder in the AGCO Corporation, USA. In 2005, TAFE acquired the tractors, engines and transmissions business of the Eicher brand with German roots, through a wholly owned subsidiary – TAFE Motors and Tractors Limited (TMTL),” a company note says.
