News | Spotlight
News | Spotlight
Tractors and Farm Equipment Limited – TAFE, the world’s third largest tractor manufacturer by volume, successfully acquired the renowned Serbian tractor and agriculture equipment brand IMT – Industrija Masinai Traktora.
TAFE’s has had a long association with IMT spanning many decades through business cooperation that involved the supply of components, aggregates and technical support. TAFE will support its local partner with supply of components and aggregates for the rollout of IMT tractors in Serbia and allied markets.
Ms. Mallika Srinivasan – Chairman & CEO, TAFE, speaking on this recent acquisition said, “TAFE and IMT have shared a long mutually beneficial cooperation. This acquisition will play a key role in TAFE’s strategic and growth plans for the future.”
Through this acquisition TAFE acquires the right to use the Brand and Intellectual Property Rights, including the Designs, Trademarks and Copyright (IPR) of IMT.
IMT, an iconic tractor brand is a pioneer in farm mechanization and tractor technology with a wide range of implements and tractors suitable for cultivating agricultural land, vineyards and orchards and infrastructure applications. The implements range includes ploughs, trailers, maize planters, seed drills, cultivators and loader forklifts.
Well known for its indigenous R&D, IMT produced a range of tractors between 35 hp and 220 hp and is a popular tractor brand in Eastern Europe, Northern Africa and the Balkans.
TAFE Chairman & CEO, Ms. Mallika Srinivasan was awarded in the ‘Outstanding Woman Entrepreneur’ category at the maiden edition of The Economic Times Family Business Awards.
Mallika Srinivasan is a thought leader and a strategist, recognized for entrepreneurship, commitment to excellence and contribution to Indian agriculture machinery business and academia. TAFE is today, the third largest tractor manufacturer in the world and the second largest in India by volumes, with an annual sale of over 150,000 tractors and presence in over 100 countries, including developed countries in Europe and the Americas. It is one of the leading exporters of tractors from India.
In a span of 25 years, Ms. Mallika Srinivasan has established TAFE as a quality mass manufacturer of tractors, a lean and resilient organization that can effectively weather the cyclicality of the tractor business. With her special emphasis on product and process development, she has ensured significant expansion of TAFE’s product range. She enhanced and leveraged the engineering strengths at TAFE to design, develop and manufacture a range of products for international markets. Besides tractors and farm machinery, TAFE manufactures diesel engines, silent gensets, batteries, hydraulic pumps and cylinders, engineering plastics, gears and transmission components, and has business interest in vehicle franchises and plantations.
“Only businesses with more than ₹250 crore in consolidated revenue in the financial year 2016-17 were considered. Apart from revenue and profit growth, the jury considered key factors such as sustainability of the business model, governance – including outlined family constitution and ownership policies – succession planning framework, strategic partnerships, product and service innovation, strength of the leadership team, innovation in organisational and family structuring, global business growth and strategic tie-ups among other things.” – ET Family Business Awards 2018.