Force Motors to exit tractors business

Force Motors Ltd on Friday said it will exit tractors and connected activity business at the end of the fiscal year.

The board of directors of the company at its meeting on Friday decided to close the line of business consisting of manufacture and dealing in agricultural tractors and connected activity from the close of 2023-2024, Force Motors said in a regulatory filing.

''The company has, under its product rationalisation programme, decided to focus mainly on its core segments such as shared mobility transportation, last-mile mobility, goods and transportation, manufacturing of high technology critical aggregates for premium luxury OEMs and creation of special vehicles for civil and defence applications...,'' it said. Further, the company said, ''...a decision has been taken to exit the tractor business from the product portfolio of the company.'' Sales of agricultural tractors accounted for total revenue of Rs 182.53 crore for the year ended March 31, 2023, representing 3.66 per cent of the company's total revenue for the financial year ended March 31, 2023, Force Motors said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)