The Mahindra Group is gearing up to penetrate the Thai market with its farm equipment line-up, according to a report in the Bangkok Post.
Hemant Sikka, president of Mahindra’s farm equipment sector, confirmed that the Mumbai-based conglomerate is setting up a representative office in Thailand to support the launch of Mahindra tractors early next year. This move will see Mahindra challenging Japanese farm equipment manufacturer Kubota, which currently dominates the Thai market with a 70% share.
The Indian firm, with operations across various industries, holds a 41% share of the Indian tractor market. Mahindra’s entry into the Thai market is backed by their newly launched Oja range, developed in partnership with Mitsubishi Mahindra Agriculture Machinery with a $145 million investment.
Rajesh Jejurikar, chief executive of the auto and farm sector at Mahindra & Mahindra, stated that the Oja range will also mark their entry into Europe, with Thailand serving as the gateway into the ASEAN region.
Mahindra plans to import completely built tractors from India, leveraging the free-trade agreement between the two countries. The company aims to capture at least a 5% market share in the first five years of its presence in Thailand. The firm also has plans to expand into Indonesia and the Philippines in 2024.
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