Escorts heads to Africa
The Indian tractor maker Escorts Ltd has moved its boat towards the African continent and is planning to expand its footprint in the region. It is believed that after the company has bagged a $40 million order to supply tractors to Tanzania, it has started to take more interest in the African market.
Moreover, a top official of the company recently said that the company will be expanding its presence in the African continent in the times to come.
Nikhil Nanda, joint managing director of the company recently said that company is in discussion with other markets as well, but it is also looking at increasing their presence in Africa and hence it is in discussions at various levels in the African market.
It is to be mentioned here that apart from manufacturing construction equipment, auto parts and railway components, its main focus remains on tractors as contributes a major chunk of the revenues.
The company is planning to invest close to 600 million rupees for its fiscal year ending September 2010 with a view to ramp up its tractor business in the Indian market.