The surge in tractor and farm implements sales throughout FY18 has prompted tractor major Escorts to nearly double its production capacity at its Faridabad factory. According to top company officials, Escorts plans to increase its capacity from the current 80,000 units per year to 1,500,000 units per year by 2022. The tractor market has been thriving in 2018, with February sales at Escorts increasing by more than 53 percent. aWithin the next twelve months, we will be able to produce 120,000-130,000 units per year, and by 2022, we will increase our capacity to 150,000 units. Beyond that, we will construct a new plant,a said Nikhil Nanda, MD of Escorta.The company had previously planned to increase capacity at its Faridabad factory to one million and has given the go-ahead for machining capital expenditures. The expansion will be financed by currency on hand. Due to robust demand, Escortsa’s current capacity utilization is between 80 and 85 percent. aWe anticipate the market to be robust in FY19 as well, and the ROI on capacity expansion will be favorable because it will occur in the same location.aThe company is also contemplating contract manufacturing and private labeling for international participants as it expands its export business.
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