Force Motors closes its agricultural tractors business
In FY ending March 31, 2023, the company posted a total revenue of Rs 182.53 crore from its sales of agricultural tractors
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Hyderabad: Force Motors Ltd announced its decision to exit the agricultural tractors business and its connected activities by the end of the current fiscal year, March 31.
A press release by the company said, that its board of directors, in a meeting on Friday, resolved to discontinue the manufacture and dealing of agricultural tractors and related operations beginning at the close of the fiscal year 2023-2024.
This move aims to redirect the company’s resources to a product rationalization program, concentrating on core segments such as shared mobility transportation, last-mile mobility, goods and transportation, manufacturing high technology critical aggregates for premium luxury OEMs, and developing special vehicles for civil and defence applications.
Force Motors also confirmed the decision to remove the tractor business from its product portfolio.
In FY ending March 31, 2023, the company posted a total revenue of Rs 182.53 crore from its sales of agricultural tractors, accounting for 3.66% of the company's total revenue during that period.
