Mahindra & Mahindra, which is gearing up to launch airconditioned tractors, is optimistic about sales growth in the segment during the current financial year despite a 4 per cent decline in the industry in the first half of the year.
"Unseasonal and deficit rain caused degrowth in tractor industry in the first half. With launch of our new Arjun Novo we expect to register growth for the full year. Mahindra had seen a marginal growth of 0.6 per cent in tractor sales in H1," Mahindra Farm equipment VP marketing Ravindra Shahane said.
The company which claimed to be a leader in sub 60HP tractors, said it invested Rs 300 crore in Arjun Novo with extensive field research to offer more value for farmers money.
Arjun Novo is a 57HP product and replaces an existing product with higher features but is priced a little higher than the previous model, Shahane said.
Mahindra said it seeks to garner a 42 per cent market share in the domestic tractors market.
Mahindra will launch air-conditioned cabin tractors in January-March quarter following a demand from a segment of farmers.
The airconditioned Novo will cost Rs 2.15 lakh more at Rs 9.95 lakh