Amalgamations group company Tractors and Farm Equipment Ltd (TAFE) plans to invest Rs180 crore for capacity expansion in the current financial year, its chairperson Mallika Srinivasan said at a press conference today.
Chennai-based TAFE now proposes to invest Rs40 crore for setting up a manufacturing facility for harvest implements, demand for which is increasing in the country.
This facility will also, most probably, be located in Chennai.
The company, which also operates a 15,000-unit facility in Turkey, is planning to set up a painting unit in hat country.
With four plants in India and an annual production capacity in excess of 1,80,000 tractors, TAFE has combined annual revenues of Rs8,000 crore.
Besides, it is setting up a new facility in Madurai with an investment of Rs100 crore. This plant will produce 60,000 units. Together, the company will have a total production capacity of 2,50,000 units in India.