International Tractors Ltd. signs Private Label agreement with L&T Finance

 

International Tractors Ltd. signs Private Label agreement with L&T Finance

L&T Finance to provide retail tractor loans to Sonalika Customers

 

Mumbai, April 22, 2014: International Tractors Ltd. (Sonalika Group) recentlyannounced its partnership with L&T Finance (LTF) for tractor financing.

 

The Partnership aims at providing easy credit and financing benefits to Sonalika’s customers across the country. Marked with attractive interest rates, customized repayment options and additional benefits for farmers, the association shall prove to be a boon for prospective Sonalika buyers in the country.

Sonalika is the fastest growing tractor manufacturing company in the country and has witnessed more than 25 % growth in the last two consecutive years.  With high demand of its Heavy duty tractors, the company plans to sell more than1 lac tractors in FY-15. L&T Finance which offers a wide spectrum of financial products and services for trade, industry and agriculture, is looking to further expand its base in rural retail financing. This strategic partnership will bring synergy for both the companies while benefitting their existing markets.

 

Commenting on the same Mr. A.S Mittal, Vice Chairman, International Tractors Ltd said “ Our country ranks second in farm output and Mechanization of farming has played a crucial role in increasing agricultural productivity with tractors and farm equipment forming an integral part of this overall growth . As a consumer centric company, our policy has been to maximize grass root benefits for our customers. With this tie-up we hope to reach out to those customers who are in need of tractors and are looking for funds to buy them. This tie-up will provide easy and hassle free finance options for them.”

 

Adding to this Raman Mittal, Executive Director, ITL said “At Sonalika, We relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic agreement is a step in the same direction. L&T finance offers innovative products and services at affordable rates. With highly competitive schemes for Tractors, we are hopeful of a good response from our dealers and customers”.

About International Tractors Ltd

International Tractors Ltd (ITL) is part of 5,000 crores Sonalika Group and is amongst top 3 tractor companies in the country. ITL is the fastest growing company in the country and has witnessed more than 25 % growth in the last two consecutive years. ITL manufactures wide range of Heavy Duty Tractors starting from 20 -90 HP. The group has gained the position of an international brand as it export products to over 75 countries around the world.

 

About L&T Finance Ltd: L&T Finance Ltd. (LTF) is a subsidiary of L&T Finance Holdings Ltd. It was incorporated as Non Banking Finance Company (NBFC) in November 1994. LTF offers a wide spectrum of financial products and services for trade, industry and agriculture. The company’s focus segments are auto loans, tractor loans, construction equipment loans, commercial vehicle loans and business loans for small are large corporate entities.

 

 

 

Rajendra Ganotra is the Editor of Spicy Stars Mumbai

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