"TAFE Announces ₹500 Crore Investment for Expansion Strategy"

Tractors and Farm Equipment Ltd (TAFE), a prominent player in the tractor manufacturing sector, has revealed plans for a substantial investment of approximately ₹500 crore to expand its farm equipment and generator businesses. The company formalized this commitment by signing a memorandum of understanding with the Tamil Nadu government at the GIM 2024 event held in the state.

Headquartered in Chennai, TAFE aims to augment its Farm Equipment Division, intending to manufacture an advanced range of farm equipment tailored for diverse crops, catering to both domestic and international markets. With a robust track record of exporting tractors to over 80 countries worldwide, including Europe and the Americas, TAFE continues to strengthen its global presence.

In addition to the expansion of the Farm Equipment Division, TAFE plans to invest in upgrading its facilities for the assembly and export of Silent Generators to various countries in the Middle East and Africa, as outlined in an official statement.

The ₹12,000-crore plus company is also eyeing the establishment of a design and development facility in Tamil Nadu. Mallika Srinivasan, Chairman and Managing Director of TAFE, expressed the company's eagerness to capitalize on the dynamic ecosystem of Tamil Nadu and collaborate closely with the state government as it ventures into new growth opportunities. TAFE's strategic investments underscore its commitment to innovation and global competitiveness in the agricultural machinery and generator sectors.

HBL