Escorts General Manager Sonal Tyagi on July 6 told of their plans to representatives of the Vietnam Embassy and Trade Office in India at a business meeting in the city of Faridabad in Haryana.
“Escorts represents a combination of integrated manufacturing facilities, in-house state-of-the-art R&D, as well as advanced production, testing and validation facilities, which have enabled us to bring new and reliable products on a global platform, said Mr Tyagi.
Mr Tyagi said his company now exports to several global auto and tractor companies in countries like Iran, Bangladesh, Sri Lanka, South Africa, Indonesia, Nigeria, the UAE, Thailand, Nepal, Ukraine, Australia, Europe and Latin America.
“In the farm tractor export business, we are expecting a 15-20% year-on-year growth, both through an increase in our existing markets and through expansion into new markets,” he said.
We are specifically looking to augment our presence in the tractor segment where we already have a formidable presence, both by expanding our footprint into the tractor retail and manufacturing markets in Vietnam.
Mr Tyagi said Escorts has reached a milestone having sold more than 1 million tractors to customers around the globe.
He said he anticipates Vietnam becoming a highly lucrative place to manufacture tractors, and believes the country will serve as a gateway for his company to reach the entire ASEAN market.
Ambassador to India Ton Sinh Thanh in turn encouraged Escorts to invest in factories and production lines in Vietnam and said the Vietnam Embassy in India is willing to accommodate in any manner it can.