TAFE signs MoU with Tamil Nadu Government for 500 Crores Investment

09 Jan, 2024

Chennai: Tractors and Farm Equipment Limited (TAFE), signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu at the Tamil Nadu Global Investors Meet 2024.

Tractors and Farm Equipment Limited proposes to expand its Farm Equipment Division to produce an advanced range of farm equipment for a wide variety of crops ideally suited for both Indian and international markets. In addition, TAFE proposes investment to enhance its facility for the assembly and export of Silent Generators to various countries in the Middle East and Africa. TAFE plans to establish as well, a State-of-the-Art design and development facility in Tamil Nadu.

TAFE’s Chairman and Managing Director, Mallika Srinivasan said, “Tamil Nadu is one of the most industrialized states, with an evolved industrialized culture, investor-friendly government, rich and diverse talent pool and inherent strengths that are conducive for innovation. TAFE is keen to leverage the vibrant ecosystem of Tamil Nadu and work closely with the Tamil Nadu Government as it invests in new growth opportunities.”

About TAFE

TAFE - Tractors and Farm Equipment Limited, is an Indian tractor major incorporated in 1960, with an annual sale of over 200,000 tractors and a turnover in excess of ₹ 12,000 Crores. One of the largest tractor manufacturers in the world, TAFE manufactures tractors under four iconic brands - TAFE, Massey Ferguson, Eicher and IMT (Industrija Mašina i Traktora). TAFE is one of the leading exporters of tractors from India and powers farms in over 80 countries across the world including nations Europe and the Americas. It is a significant shareholder in the AGCO Corporation, USA.

In 2005, TAFE acquired the Tractors, Engines and Transmissions business of the legendary Eicher brand with German roots, through a wholly owned subsidiary - TAFE Motors and Tractors Limited (TMTL). In addition to tractors, TAFE and its subsidiaries have diverse business interests in various sectors including farm machinery, diesel engines and generators, engineering plastics, gears and transmission components, hydraulic pumps and cylinders, vehicle franchises and plantations. TAFE acquired the iconic Serbian tractor and agricultural equipment brand IMT - Industrija Mašina i Traktora in 2018. Furthermore, TAFE acquired FAURECIA's Indian interior business of Group FORVIA - the French global automotive supplier, in 2022. TAFE has earned the trust of customers through its range of products that are widely acclaimed for superior quality and low cost of operation. TAFE's social focus has been significant since inception and it contributes towards meaningful causes of agriculture, education, healthcare, community development, disaster relief, conservation and tribal welfare besides supporting traditional art forms.