L&T Finance to provide retail tractor loans to Sonalika Customers

International Tractors Ltd. (Sonalika Group) recently announced its partnership with L&T Finance (LTF) for tractor financing.
The Partnership aims at providing easy credit and financing benefits to Sonalika’s customers across the country. Marked with attractive interest rates, customized repayment options and additional benefits for farmers, the association shall prove to be a boon for prospective Sonalika buyers in the country.
Sonalika is the fastest growing tractor manufacturing company in the country and has witnessed more than 25 % growth in the last two consecutive years.  With high demand of its Heavy duty tractors, the company plans to sell more than1 lac tractors in FY-15. L&T Finance which offers a wide spectrum of financial products and services for trade, industry and agriculture, is looking to further expand its base in rural retail financing. This strategic partnership will bring synergy for both the companies while benefitting their existing markets.
Commenting on the same Mr. A.S Mittal, Vice Chairman, International Tractors Ltd said “ Our country ranks second in farm output and Mechanization of farming has played a crucial role in increasing agricultural productivity with tractors and farm equipment forming an integral part of this overall growth .  As a consumer centric company, our policy has been to maximize grass root benefits for our customers. With this tie-up we hope to reach out to those customers who are in need of tractors and are looking for funds to buy them. This tie-up will provide easy and hassle free finance options for them.”
 Adding to this Raman Mittal, Executive Director, ITL said “At Sonalika, We relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic agreement is a step in the same direction. L&T finance offers innovative products and services at affordable rates. With highly competitive schemes for Tractors, we are hopeful of a good response from our dealers and customers".

About International Tractors Ltd
International Tractors Ltd (ITL) is part of 5,000 crores Sonalika Group and is amongst top 3 tractor companies in the country. ITL is the fastest growing company in the country and has witnessed more than 25 % growth in the last two consecutive years. ITL manufactures wide range of Heavy Duty Tractors starting from 20 -90 HP. The group has gained the position of an international brand as it export products to over 75 countries around the world.

About L&T Finance Ltd:
L&T Finance Ltd. (LTF) is a subsidiary of L&T Finance Holdings Ltd. It was incorporated as Non Banking Finance Company (NBFC) in November 1994. LTF offers a wide spectrum of financial products and services for trade, industry and agriculture. The company’s focus segments are auto loans, tractor loans, construction equipment loans, commercial vehicle loans and business loans for small are large corporate entities.

First process patent granted to insecticides (India)

Insecticides (India) Ltd (IIL), a leading agrochemical company which manufactures and markets several popular and international brands, has been granted the first patent for process of an insecticide product.

The patent, granted by Indian Patent Office, is a shot in the arm for the research and development efforts of the company, which is listed on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The patent has been granted for process of preparing Acetamiprid, an insecticide for sucking pests. IIL has so far filed for eight patents for process of different chemical compounds.

“This was the efforts from the In-House research and development centre. We had filed for the patent with India's Controller General of Patents, Designs & Trademarks for process of preparation for Acetamiprid technical in 2005. Though the process took a longer time, still we are optimistic for our other applications as well. This grant will encourage our team to work further in this direction.” said Mr. Rajesh Aggarwal, Managing Director, IIL.

“At IIL, we put a lot of focus on research and development. Our R&D centre at Chopanki in Rajasthan is a testimony to this. The grant for process of preparing Acetamiprid will boost our efforts for further research. We are excited about this achievement and look forward. ” said  Dr. Mukesh, General Manager, R&D and Quality Control.
The company has also partnered with Japan’s OAT Agrio Co., Ltd. (OAT) to set up a joint venture for invention of new molecules in India for the international requirements.

About Insecticides (India) Ltd
Insecticides (India) Ltd. (IIL) is a BSE & NSE Listed India’s leading and one of the fast growing agro chemicals manufacturing company. IIL has emerged as a front line performer in India’s crop care market with a top line of 650 Cr in last fiscal (2012-13) and is all set to touch 900 Cr this fiscal, growing at the handsome rate.
The company owns the prestigious Tractor Brand which is highly popular among the farmers. This umbrella brand of its agro products signifies the company’s deep connection with the farming community. The largest selling brands of IIL include Lethal, Victor, Thimet, Indan 4G, Hijack and Sharp.
The company has also entered into Technical and marketing MoU with American Vanguard Corporation (AMVAC), USA to manufacture and market “Thimet” and most recently “Nuvan”, an insecticide that is a household name in India.
The company has state-of-the-art formulation facilities in Chopanki (Rajasthan), Samba & Udhampur (Jammu & Kashmir) and Dahej (Gujarat). IIL also has technical synthesis plants at Chopanki and Dahej to manufacture technical grade chemicals such as Imidacloprid, Acetamiprid, Dichlorovos, Lambdacyhalothrin, D-Trans Allethrin, Glyphosate, Butachlor and Thiamethoxam etc. Providing the competitive edge by backward integration.
In 2012, IIL entered into a tie up with Japan’s Nissan Chemicals Industries Ltd to launch Pulsor, a patented fungicide for Paddy and Hakama, an advanced selective herbicide, in the Indian market.
Most recently, the company has also partnered with Japan-based Otsuka AgriTechno Co. Ltd (OAT) to set up a Joint Venture (JV) for research and development (R&D) of new agrochemical molecules. The two companies are setting up a state-of-the-art Research Centre in Bhiwadi, Rajasthan, which will employ both Japanese and Indian researchers.