Force Motors exiting tractor business to focus on core segments
Force Motors Ltd board has decided to exit the tractor business, consisting of manufacturing and dealing in agricultural tractors, from the product portfolio of the company with effect from March 31, 2024.
The company, under its product rationalisation programme, has decided to focus on its core segments such as shared mobility transportation, last mile mobility, goods and transportation, manufacturing of high technology critical aggregates for OEM’s and creation of special vehicles for civil and defence applications.
According to a stock exchange filing, the sale of agricultural tractors of the company accounted for total revenue of ₹182.53 crore for the year ended March 31, 2023 (representing 3.66 per cent contribution to the company’s total revenue for the FY ended March 31, 2023) and the net block of assets of the unit as at March 31, 2023, was ₹12.29 crore.
Shares closed at ₹7,224.35 on the NSE, up by 0.52 per cent on Thursday’s trade.