New Holland Fiat India, a subsidiary of Italian manufacturing Fiat Group has announced an investment of INR 1,100 in India to substantially increase its market share from currently 6% to 10% in 2016.
Currently the company manufactures tractor and other agricultural equipments at its Noida manufacturing plant which was started in 1998 and currently runs at capacity of 40,000 units which will be increased to 60,000 units in year 2014 by investment of INR 230 Crore. The new plant at Chakan in Maharastra will entail an investment of INR 550 Crore.
The company recently celebrated 250,000 tractor roll out from its Noida facility on 18th June 2013.
New Holland MD Rakesh Malhotra told, "We have lined up fresh investment to launch new farm implements and emerge as a integrated farm solutions company for the Indian agriculture market. We are also beefing up our R&D facility with an additional investment of Rs 220 crore to developed products and farm equipment for captive application in the Indian market."
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