Mahindra aims to cater 30-50 hp segment with new range; plans to grab 80% market share
Mahindra has launched its new and third tractor range Trakstar in India. This new tractor range will be built by the Gromax Agri Equipment Ltd, Mahindra’s joint venture company with the Gujarat Government. The Trakstar tractor range will focus the 30-50 hp category and it also aims to grab 80% share in Indian tractor market with affordable pricing.
As Mahindra says, this new tractor range will focus on the value seeking farmers and enhance their prosperity. The Mahindra Trakstar tractors will be produced at the company’s Vadodara plant in Gujarat that has a capacity to roll out 3,500 units. Pricing of the new Trakstar tractor range is yet to be announced by the company. But, the manufacturer has confirmed that these new tractors will come 5%-7% cheaper compared to the Mahindra and Swaraj products.
Also read: Mahindra Rents Tractors to Farmers
Both Mahindra and Gujarat Government will invest Rs. 150 crore in Gromax for product development within next 3-5 years. The joint venture company will produce Trakstar tractors in two phases. In the first phase, it will focus on Uttar Pradesh, Bihar and Jharkhand as these states attribute to around 32% of the entire Indian tractor market.
The second phase will emphasise on the north eastern and western states of the country like Assam, Maharashtra and Gujarat. Gromax is currently gearing up to kick off the first phase production of Trakstar tractors in September. In an attempt to help the buyers, the company will offer several additional services including easy loans at low EMIs from Mahindra Finance.
Gromax will also offer the customers of these tractors an opportunity to earn more through Mahindra’s agricultural equipment lending platform Trringo that it introduced last year. Through this platform, the owners will be able to lend their tractors to the farmers who don’t have one. This way, the company will help the tractor owners to earn some extra money. Also, Mahindra will offer branded quality agricultural inputs through an online portal called Big Haat.