VST Tillers Tractors has entered in to a Memorandum of Understanding (MoU) with Zetor Tractors a.s. from Czech Republic. Zetor Tractors a.s. is a manufacturers of tractors, components, engines and transmission.
As per the MoU the two companies agreed upon the joint product development, manufacturing and business plan for tractors with a horsepower greater than 36 HP for India and global markets.
The key aspects of the MoU are:
- Joint development of Products.
- Manufacturing of tractors by VST at its new high horsepower manufacturing facility.
- Marketing the jointly developed product in both the Indian and global markets through a JV between VST Tillers Tractors and Zetor Tractors a.s. The jointly developed products would be sold through VST channel partners in India and Zetor channel partners in the international market.
- Explore marketing of VST products through channel in the global market.
VST Tillers Tractors Chairman V K Surendra informed that VST has always strived to get the best technology for the Indian farmers while VST remains a leader in the compact tractor segment and the power tiller segment; this MoU would enable VST to bring better technology in the higher horse power segment for the benefit of Indian farmers.
Martin Blaškovič, Chairman, Zetor Tractors a.s. on the occasion of signing of the MoU said that this MoU would explore the strengths of both parties in product development and marketing and the JV will work towards offering the products and solutions to both India and International market keeping customer requirement first.
Antony Cherukara, CEO, VST Tillers Tractors said that VST tractors is a household name in compact tractor segment in domestic market being first to launch the 4WD tractors in Indian Market. VST Tractors are also marketed as “Field trac Brand “in various markets of European union meeting the latest EU standards and expanded its presence over more than 20 countries. This MoU will help VST further expand its portfolio in the international market.
Robert Harman, MD, Zetor India, said that India is a major focus market for Zetor Tractors a.s. and Zetor already has a long history in India with their earlier collaboration with erstwhile HMT Ltd and products like HMT 5911 was very popular in India. Zetor Tractors currently exports to more than 56 countries and has a customer base of 1.3 million globally.
@EPC World Media