“The company is planning an investment of Rs 100 crore in R&D and will set up a global R&D centre,” he said. In the past 3-4 years, the Bengaluru-headquartered company has invested Rs. 100 crore in product development.
The company aims to become a Rs. 3000 crore global brand in diversified farm mechanization products and solutions by 2026, as per their five-year Vision, said Cherukara. VST Tillers achieved a revenue milestone of Rs. 1000 crore during FY 2022-23.
The company projects a growth of 20% over the next four years and plans to launch more products for small and marginal farmers. “The launch of the new Series 9 tractors aligns with VST’s commitment towards Farm Mechanization of multiple crops and enriching the lives of Indian farmers,” stated Cherukara.
The company, which has experienced 30% growth over the last three years, expects to expand to 2000 dealerships in the near future, up from the current 1000 dealerships.