TAFE and Iseki Announce Partnership

Tractors and Farm Equipment Limited the world's third largest tractor manufacturer by volumes and ISEKI & Co., Ltd, the third largest Japanese agricultural machinery manufacturer for tractors, planting and harvesting machinery, and engines, inked an agreement for the manufacture of compact tractors in India.

Under this agreement, ISEKI will offer product technology to TAFE for the manufacture of these products for the Indian market. The scope of the agreement will, in addition, cover sourcing of components/ assemblies through TAFE, building on the volume advantage that TAFE offers. TAFE will offer ISEKI's premium light utility compact tractors in the 35-54 hp range in India. These multi-utility light weight tractors with advanced features can be used for puddling operations, orchard and plantations land preparation, tilling, inter-cultivation and spraying applications to name a few. The tractors will be manufactured in TAFE's Madurai plant and expected to roll out by 2020.

Mallika Srinivasan, Chairman and CEO - TAFE, said, "This agreement brings together ISEKI's rich experience in the light utility compact tractor segment globally and TAFE's strong position in the Indian market, along with its strong manufacturing capability and robust supply chain, to offer Indian customers an international product range that will meet their requirements in new, emerging applications through a unique value proposition."

ISEKI & Co Limited was founded in 1926 in Matsuyama, Ehime with a business philosophy to deliver products that satisfy consumer demand and contribute to agriculture development both in Japan and around the world. ISEKI's products enjoy a strong market presence in Japan, South East Asia, Australia and USA, and, are reputed for their quality and technology. ISEKI also manufactures tractors for AGCO, with whom TAFE shares a 50 year-old association, the longest partnership in the tractor industry.

Mr. Kikuchi, Chairman of ISEKI, on signing this agreement said, "We will enter into the largest tractor market in the world, India and the Indian subcontinent with greatest partner called TAFE. We'll promote technical alliances with TAFE by this agreement and collaborate with each other as important partners not only for India but also for our global strategy in long term. We believe our global strategy is founded by this cooperation with TAFE, and we hope we can contribute great relationship between three companies to promote global strategy together."