CNH to Invest Up to $50 Million in India in 2024; Unveils Plan to Launch 105HP Tractor in May

Italian-American off-road construction and agriculture firm CNH is set to make significant strides in the Indian farm machinery sector, with plans to invest up to $50 million this year and unveil a powerful 105HP tractor in May. The announcement comes from a high-ranking CNH India official.

Specializing in the production and sale of farm machinery and equipment under the New Holland brand, CNH aims to concentrate on the compact range of tractors below 30-40 horsepower (HP). Additionally, the company has its sights set on selling 1,000 baler machines, essential for managing stubble, during the course of the year.

At present, CNH India holds a four percent market share in the Indian tractor business, with a strong presence in the 45-50 HP range of tractors. Speaking to PTI, CNH India and SAARC Country Manager, as well as Managing Director, Narinder Mittal, expressed confidence in the vast potential within India's agriculture sector. The company has ambitious plans to double its market share to 8 percent over the next four years.

"We plan to invest about $40-50 million in the current calendar year in the agriculture segment, including the program investment," Mittal stated. He elaborated that a substantial portion, ranging from $25-30 million, will be allocated to the tractor business alone.

Within the program investment, Mittal revealed that the company is diligently working on a specific tractor model with an engine exceeding 45 HP, designed for enhanced fuel efficiency. This new model is anticipated to hit the market by the end of 2025

Highlighting an upcoming product launch, Mittal shared that a formidable 105 HP tractor is scheduled to be introduced in May this year. This tractor serves purposes such as bailing and ridge application, showcasing CNH's commitment to innovation and meeting the diverse needs of the Indian agriculture community.

HBL