STRATEGIC FoRMULATION MANAGEMENT OF MAHINDRA&MAHINDRA

Submitted to
Dr. Haribandhu Panda Course Facilitator

Submitted by
Aruna Kumar Sahu (S0805) Deviprasad Das (S0813) Julfukar Khan (S0823) Pratik Kumar Das (S0841) Sitansu Sekhar Sahu (S0860)

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Contents
1. INTRODUCTION……………………………………………………….3 1.1 Rational of the project 1.2 Tractor Industry 1.3 Manhindra Tractor 1.4 Chapter Plan 2. INDUSTRY ANALYSIS OF TRACTORINDUSTRIES………………… 4 2.1 PESTEL Analysis of Tractor Industries…………………………. 4 2.2. DIAMOND Analysis of tractor industries………………………..6 2.3. Five force analysis of tractor industries…………………………..8 2.4. Key players……………………………………………………….. 10 2.5. Drivers of Change …………………………………………………12 2.6. Opportunity and Threats …………………………………………13 3. ORGANIZATIONAL ANALYSIS…………………………………………14 3.1 Mission, Vision, objective and strategy followed………………....14 3.2 BCG Matrix..………………………………………………………..16 3.3 Critical Evolution…………………………………………………...16 3.4 New Mission and vision……………………………………………..17 3.5 Resource Analysis……………………………………………………17 3.7 Strength and Weakness……………………………………………...20 3.8 Strategic clock………………………………………………………..21 3.9 Ansoff Matrix………………………………………………………..22 4. RECOMMENDATION………………………………………………………23 5. CONCLUSION……………………………………………………………….24

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Jhon Deer. when compared to other developed economies across the world. It has already made its presence felt in countries in Europe. 1955. The tractor industry in India has developed over the years to become one of the largest tractor markets in the world. trading and manufacturing of Ash Handling Plants & Traveling Water Screens. Latin America. It was converted into a public limited company on June 15. the company has expanded its operations from automobiles and tractors to steel.000 units in early eighties the size of tractor market in the country has grown up to over 200. III. The company is focused to become a world giant in the tractor business. K. Introduction Industrial analysis Organizational analysis Conclusion 3 . including 3 MNCs. where the objective is to know and analyze the various strategic concept of Mahindra & Mahindra tractor. Mahindra and Mr. New Holland etc. Mr. Mahindra and Mahindra Limited was incorporated on October 2. From just about 50. Today industry comprises of 14 players.C. Over the years. Mahindra & Mahindra Ltd. Africa and United States of America.Introduction: This project is as the part of assignment for the partial fulfillment of Strategic Formulation Management course of fourth trimester. The company commenced operations in 1945 to manufacture General Purpose Utility Vehicles and later on entered into manufacturing of Tractors and Light Commercial Vehicles (LCVs). is the flagship company of the Mahindra Group. Mahindra.C. The opportunities still are huge considering the low farm mechanization levels in the country. J. Chapter Plan: I. one of the largest private sector company in India. Mahindra. II. Key concern for the industry is its dependence on agricultural income in hands of farmers and the state of monsoon. The key players are Sonalike. IV. 1945 as a private limited company under the Indian Companies Act of 1913 by two brothers.000 units.

demographic change and government policy changes are all examples of macro change. technological. what are its priorities in terms of business support and political decisions can impact on many vital areas for business such as the education of the workforce. The economics factors related to tractor industry are: 4 Economic change can have a major impact on a firm's . new laws. inflation and exchange rates. Therefore agriculture sector started receiving financial assistance. ecological and legal factor. Tax changes. behavior. the health of the nation and the quality of the infrastructure of the economy such as the road and rail system. This classification distinguishes between political. a key goal of eleventh Five year plan • • • Economical Factors: These include interest rates.Industry analysis: There are various analysis are being done to know both immediate and extended environment. What goods and services does a government want to provide. taxation changes. The political factors related to tractor industry are • Government laid stress on the mechanization of agriculture with a view to boost food grain production. By PESTEl analysis we can know about extended environment and key drivers of change of an organization. to what extent does it believe in subsidizing firms. trade barriers. To help in analyze these factors we can categorize them using the PESTEL model. economic growth. social. • Subsidy on agricultural loans from government Change in taxation policy 100% FDI policy Regaining “ Agricultural dynamism”. economical. PESTEL analysis: There are many factors in the environment that will affect any organization. Political factors: These refer to government policy such as the degree of intervention in the economy.

The cost of a finished tractor here is as much as the cost of gear box in developed countries. 5 . poor buying capacity and comparatively cheaper import of second hand tractor from developed country reduces the export of tractor from India in recent days. also labor shortage during harvesting increased the use of tractor • More farmers are opting for multiple cropping over last decade.7%. The social factors related to tractor industry are • • Due to land fragmentation farmers with small land holding are buying tractor There is an increase in awareness among the farmers for the need of farm mechanization and are keen to acquire tractor with the help of credit facilities from financial institutions.It is precisely for this reason that the demand for tractors was well maintained even during a draught period • Animal power available is too inadequate to meet power demand of our farmers. Country's gross cropped area increased by about 4. state land development banks and regional rural banks. • Detoriating foreign exchange situation in western country. • there is need for more tilling due to depletion of moisture and repeated cultivation of land . This indicates the increased popularity of multiple cropping. • Cost of tractors in India is the cheapest in world . Mechanized operations are preferred to eliminate drudgery and delay.• 95% of tractor sales are on credit. Hence there exists tremendous scope for exports. • Less interest rate charged by banks for agricultural inputs inflation may provoke higher wage demands from employees and raise costs higher national income growth may boost demand for a firm's products • • Social factor: Changes in social trends like population increase can impact on the demand for a firm's products and the industry as a whole. Credit is extended by commercial banks.

Acid rain. Ex. as environmentally friendly products and processes are affecting demand patterns and creating business opportunities. In recent years the changes legal factors of developed countries affected firms' behavior in other countries due to globalization. The technological factors related to tractor industry are • • Accelerated acquisition of technology capabilities to raises productivity in agriculture. coal gas renewable • Ecological factors: Ecological factors include the weather and climate change. improve quality and lead to innovation. The growing desire to protect the environment is having an impact on many industries. Green. • Global warming Legal factors: These are related to the legal environment in which firms operate. Sometimes the technology reduces the life cycle of products. These developments can benefit consumers as well as the organizations providing the products. With major climate changes occurring due to global warming. Reduced cropping cycle require deep tilling which translates into higher demand for tractors.This reduces the cropping cycle to 3-4 months from the traditional 5-6 months.Technological factor: New technologies create new products and new processes. Changes in temperature can impact on many industries including farming. The ecological factors related to tractor industry are • Irrigation facilities reduce reliance on the monsoon and allow for quick yielding varieties of food -grain . Technology can reduce costs. • Strong monsoons. Legal changes can affect a firm's costs if new systems and procedures have to be developed and demand if the law affects the likelihood of customers buying the good or using the service. Continuous technological innovation Renewable energy development.house effect and with greater environmental awareness this external factor is becoming a significant issue for firms to consider. increase lending by nationalized banks which leads to farming of commodity prices money availability catapulted tractor demand. The legal factors related to tractor industry are • Collaboration with government which shapes policy issues 6 .

Diamond analysis: Demand condition Customers are more demanding because there is a need of more production in less time. financial resources. John Deer and New Holand are competing in market which leads to a healthy competition. technological innovation.• Agricultural policy Diamond Analysis: This analysis is done to know the fairness and suitability of a market. numbers of bulls for ploughing is decreasing and they can use the tractor for transportation purpose also. The analysis is given below. raw material and skilled human power are easily available. ITL. . Eicher. PTL. There are big competitors like TAFE. 7 This industry comprises of 14 players including 4 MNCs. Good financial support for agricultural equipments. Escorts. Factor market condition Rivalary Physical resources.

Equipment industry. For tractor industry: • • • • The consumer base of tractor is highly disbursed throughout India. According to Porter (1980) the likelihood of firms making profits in a given industry depends on five factors: Bargaining power of buyer: The stronger the power of buyers in an industry the more likely it is that they will be able to force down prices and reduce the profits of firms that provide the product. Battery industry. opportunity and threats. Due to High switching cost tractors companies can compromise on quality and price Lack of awareness among farmers like pricing. In is conducted to know about the immediate environment. Etc. there are a few. The competitive structure of an industry can be analyzed using Porter's five forces. big buyers so each one is very important to the firm This leads to low bargaining power of buyer 8 . offerings. Engineer and Technological industry. Piston and Ring industry are available largely which leads to high quality product with low Five force analysis: from five force analysis we can know the industry structure and the cost. Marketing agencies. Forging part industry. This model attempts to analyze the attractiveness of an industry by considering five forces within a market.Related and supported industry The related and supported industry like casting industry.

For tractor industry: • There are no credible substitutes to the tractors 9 . The ease of switching depends on what costs would be involved and how similar customers perceive the alternatives to be. Mahindra in rural market • • Up to extent the existing companies have control over the suppliers High startup capital is required Hence the barriers to entry are high.Bargaining power of supplier: The stronger the power of suppliers in an industry the more difficult it is for firms within that sector to make a profit because suppliers can determine the terms and conditions on which business is conducted. Threat of Entry: the extent to which barriers to entry exist. For tractor industry: • The suppliers do not pose any threat of forward integration • Though steel forms a major inputs . Ex. These barriers are however moderated by 100% FDI policy Threat of substitute: This measures the ease with which buyers can switch to another product that does the same thin. The more difficult it is for other firms to enter a market the more likely it is that existing firms can make relatively high profits. For tractor industry: • The tractor industry is capital-oriented with intensive technology requirement • Need of a large dealer network • • • High switching cost Competitors are very reactive towards new entry Brand loyalty of existing brands is high in tractor industry. the tractor industry is not most important customer for steel industry • Many number of supplier are there for tractor industry • Switching cost from one supplier to another is less Hence bargaining power of supplier is less.

com/bline/2004/12/22/stories/20041222017002 00. The higher the degree of rivalry the more difficult it is for existing firms to generate high profits.pdf http://www.escortsgroup.in/reports/techreps/tsr042.org/Activities%20Files/A0611/P-In. For tractor industry: • The rivalry is extremely high owing to the consolidation that the industry is witnessing • • • Entry of foreign players Continuous technological innovation Less merger and acquisition of tractor industry increases rivalries Opening of world market • Hence there is high degree of industry rivalry.unapcaem.com/newsro om/newsroom_industry_news.html http://www.thehindubusinessline.htm 10 . Rivalry: This measures the degree of competition between existing firms.nic.pdfhttp://www.• • The only option available is bull-plough Power-tellers very low power of substitute Hence there is low threat of substitute for tractor. http://dsir.

Five –Force analysis Porter 5 Forces Analysis Summary Snapshot http://en.wikipedia. Mahindra and Mahindra continues to dominate the industry with close to 30 per cent share. while other players like TAFE. However. PTL. 11 per cent . 14 per cent .org/wiki/Porter_5_forces_analysis Key players: Today there are as many as 14 players operating into tractor manufacturing activity in the count ry. about 90 per cent of market is shared among the top 5-6 players only. ITL and Eicher enjoys market share of 15 per cent . TRACTOR COMPANY M&M TAFE ESCORT PTL ITL EICHER HMT ltd OTHERS MARKET SHARE PERCENTAGE 30% 15% 14% 11% 11% 9% 3% 7% 11 . 11 per cent and 9 per cent respectively. Escorts.

5% 10.9% 12.6% 0.5% 7.6% 2% 31-40hp 44.1% 0 29% 0% 4.2% 30.4% 18% 0.5% 2.5% 3.5% 2% <50hp 57.7% 41.0% 23.Market share in Horse –Power segment Tractor company/Market share M&M TAFE Escort LT-JD Sonalika HMT Others 21-30hp 37.9% 0.2% 0.0% 9.6% 1.6% 8% 12 .7% 7% 41-50hp 18.9% 26.

Drivers of change: From the PESTEL analysis we can know the drivers of change Opportunity and Threats Factors Political Drivers of change Changes Investment by government These drivers are making the Extension of rural credit by market attractive. availability at Economical affordable rate Global economy melt down 100% FDI policy High national income Taxation policy Land fragmentation Moderate effect Animal for agriculture Awareness More farmers opting multiple cropping Per capita consumption is low Technological in India High technological innovation Import of technology Coal and Gas renewable Monsoon Cropping cycle Global warming Agricultural animal Collaboration government Agricultural policy Industry levels opportunity: • Social High quality product Ecological Legal with This attracts the more players Huge increase in export: Indian tractors are cheapest in the world. government Subsidized by government Heavily depend upon rural Bank clamped down on credit. economy Credit Demand increases. Indian tractors are gaining 13 . It costs as much as a gear box costs in a developed country.

• Increase in credit availability: More private banks are also now lending credit to farmers along with nationalized banks for purchasing farm machinery. • Mahindra & Mahindra had acquired a majority stake in Punjab Tractors Limited (PTL) in early 2007. • In India. it gains huge advantage. Good monsoon increases the agricultural GDP and hence boost tractor sales. This might result in an increase in demand for tractors. Threats: • Dependency on monsoon: the growth of tractor industry is heavily dependent on the growth of agriculture. The sales dip significantly in the year when the monsoon fails.international acceptance because of their standard. 14 . Thus there is a huge opportunity for exports to various countries in Asia and Africa and exports have seen a growth of about 45% in year 2007-08. PTL is a good strategic fit to the company. sourcing benefits and vendor rationalization. as it comes with its strength of efficient design (strong R&D abilities) and the Brand Swaraj. • The government has been trying to strengthen the exports of agricultural products. • Technological innovation: There are also several innovations taking place such as fuel efficient tractors and tractor that use alternate energy source. they need better rural and agricultural infrastructure. Thus there is scope for the demand to increase. the penetration of tractors is 10 tractors per 1000 hectares of cropped area. which enjoys a strong customer loyalty for being sturdy and reliable. which is much below the world average of 19 tractors for the same. For this. As a result. This acquisition has an opportunity of getting advantages of economies of scale. the quality of agricultural products necessarily has to be very high. This provides an opportunity for growth in sales of tractor. These will be the tractors of the future and if a company acquires competencies in this.

• Entry of foreign players: they are no cap of FDI that can be invested in this industry.asp Organization analysis: Mission/Vision Goals and Objectives Strategy followed Vision: Indians are second to To provide highly E-business Initiatives none in the world. which it has hived off as subsidiaries from time to time when these turned unmanageable. It is a dangerous tendency as it leads to destruction of shareholders value.aranca. financial services.deere. etc. The technological founders of our nation and of product our company passionately believed this. the foreign players like John Deer and New Holland who have entered in the market have technological superiority which poses a threat to current players.wikipedia. The farmers do not hold sizeable chunk of land to use agricultural machinery like tractor in their land. This is a cause for concern as such diversifications could divert the company's attention from its core business.newholland.com/en_US/deerecom/usa_canada.pdf http://en. We will prove them right by believing in ourselves and by making M&M Ltd.html http://www. • The company has a history of having invested in unrelated diversifications such as telecom.com/samples/airsreport. • Farm land fragmentation: One measure characteristics of Indian farm land is that they are heavily fragmented and are of small size. Moreover.org/wiki/Tractors_in_India http://www. Hence foreign players who wish to enter this industry do not need a joint venture or any tie up with the existing Indian tractor manufacturers. holiday and resort inns.com/home. known Products that redefined the market innovative and by out sourcing of technology 15 . http://www.

of the Network of dealers. society and all citizenship behavior. Six Sigma. relationship with customers by providing better quality service and providing latest information To be the market leader in all Strong market base in 16 . service stations etc. Plan to open 30 outlet pan in India by next 4 year Restructuring company. for its customers. Our core purpose is what makes all of us want to get up and come to work in the morning” make the production proactively following worldclass methodologies like QC story and QC tools. sales offices. Mission: We don’t have a to group-wide statement. almost world all continents of Joint acquisition players countries in ventures. and other merger with different Foreign competition. DOE ( Design of Experiments) ( Total Maintenance) and TPM Productive mission system even more efficient To usher prosperity.worldwide for the quality of By 2015 it wants to enter its product and services. dealers. By Keeping developing good good employees. other stakeholders.

the urban. semi-urban and rural areas. BCG matrix: Mar k et Gro wth H i g h L o w Market Share New vision: to be the undisputed leader in world automobile and farming Low High Critical evaluation: 17 .power segments of tractors. USP – ruggedness and performance.

110. There should be specific strategy for each objective. 1. As there are many brands under umbrella brand Mahindra and Mahindra. financial and technological resources are coming under stock resources. Stock Resources: These are the resources which are required to start any business at base level.5 crore and the number of shares are 11. IT Company and Financial service company. Resource analysis.The mission and vision are very general. Stock resources and capabilities resources.05 crore 18 . The objectives are according to mission and visions.e. Financial resources: • • • Highest market share High value of market share The company has an equity capital base of Rs.There is two types of resources i. • • High quality equipments for production Many number of own out-lets Have own OEMs Large infrastructure • • 2. Physical resources: • • High inventory capacity The parent company has its own Infrastructure Company. Some objectives are not quantified New vision: To be the undisputed leader of world automobile and farming equipment industry. Physical. so there should be separate for all brands. New Mission: To provide best value for money to customers through best quality and most cost effective products and services.

• The market capitalization of the company. which are state-of-the art and technologically one of the most advanced. Enron. the farm equipment sector of Mahindra and Mahindra manufactures tractors. sales and marketing processes. that of acceptability of young blood working initially at operational level jobs with older experienced people. is Rs. as on 30th March 2001. M&M today formally announced its emphasis on bio-diesel and unveiled the bio-diesel • M&M is a pioneer in R&D of alternate propulsion technologies in India and had also set up its own bio-diesel pilot plant way back in 2001 • M&M has been seriously looking at technologies that will help enhance focus on converting bio-mass to bio-fuels.387. product development. • Also in order to bring in young talent keeping in mind the long term objectives. Technological resources: • With plants in Mumbai and Nagpur. • It is the companies that have established Total Quality Management in their entire business operations ranging from human resources. tractor and automobile sectors. the leading Indian automotive manufacturer for over 60 years. 4. vendors to its commitment to corporate citizenship • Mahindra & Mahindra. 3. Hindustan lever Ltd as well as from engineering. The move threw up an interesting observation. Human resources: • The company is inducting senior management resources from diverse companies like Xerox.63 crore. 19 . This enabled the company to induct a talent pool with rich background which was suitable to the changing business requirements of the group. Marico. the group has started a formal Management Trainee Scheme through campus recruitments. today announced a landmark breakthrough in Indian alternate fuel technology. 1.

weather conditions. Production capability: • Methodologies like TQM.50. DOE ( Design of Experiments) and TPM ( Total Productive Maintenance) are available. 2. insurance schemes.QC story and QC tools. loans. news and events. • M&M carried our extensive studies on traditional engines and vehicles and realized the need to develop vehicles for contemporary and fuel efficient diesel engines like CRDE. 1. which aims to increase agricultural productivity through creative farming techniques. Marketing capability: • • Huge distribution channel in rural. commodity prices. • • • • Efficient and competent employees Process control in production Highest production capabilities( 1.000 tractors per year) Larger rural initiative Mahindra Samriddhi. meeting the world's latest emission norms. human resources development capability and steering capabilities are coming under capability resources. Government schemes. 3. Innovation: • The company has set up Mahindra Kisan Mitra (MKM). a Web site which provides farmers the latest information relating to crops. Production capability. • The first Indian tractor with turbo technology the 'Mahindra Sarpanch 595 Di Super Turbo'.Capability resources: These are flow resources which are coming from competencies of employees and capability of organizations. marketing capability. Six Sigma. urban and semi urban area Established brand name 20 .

leadership and change. offering the farmer easy access to technological knowhow. the group has put in place a Mentoring system. • • • Good advertisement strategy After sale service for longer period A quick “one-stop-shop” for promotion of company 4. demo farms. Human resources development: • Thrust is on building leadership development at middle and senior management levels. To avoid the feeling of animosity and in order to build camaraderie.com/pdf/Samriddhi%20PR %20_Raipur_Mar18.prdomain. 30 Mahindra dealerships have been transformed into Samriddhi centers.com/companies/M/Mahindra&Mahindra/newsr eleases/2003101820570.pdf Strength and Weakness of Mahindra Tractor Strength Weakness 21 . soil and water-testing facilities. hybrid seeds. Proper succession and career planning. finance and insurance. Internet updates and sales and servicing of tractors and tractor implements. where each management trainee has a senior executive who plays the role of mentor. where the emphasis is on strategy. http://www. • The mentor reviews the progress made by the trainee every two-three months and provides guidance and counseling if the need so arises.htm http://mahindratractor.• • Highly motivated sales people As part of this initiative. • • • Training and development programme to all level of employees.08.

The reason being that this is very essential for any company. Market leader in terms of market 1. for its survival in the long run. The company's ability to introduce new products in the market and to generate sales from those new products is a major strength. Low labor productivity Recommended strategy- 22 . 5. 3. The company has established its brand name in other countries of the world as well which is biggest strength of a company to extend and diversify the business 4. Large and effective distribution channel. Sufficient financial resources dependent on the rural sector 2.1. The company is highly share is its biggest strength 2. Less technological ability as compared to Foreign players 3.

Direction and methods of strategy development: 23 .Strategic Clock High Moderate Low P er ci e v e d u ni q e n Arju n Sarapan cha vumiput ra Sha an New Sarapa ncha Low Price Moderate High Strategic clock helps to develops strategy with compared to competitors.

24 .Ansoff Matrix (Product-Market Matrix) New market Existing market Existing product New product Market Development: Mahindra tractor is going to launch the old 21-70 hp tractors in china market for which it has to develop its own market. Strategy of Diversification: As Mahindra tractor is going to launch new product in new market like china it should go for related diversification. That’s why it acquired Jiangling Tractor Company. In related diversification it has gone for both vertical and horizontal diversification. Strategy of Consolidation: As it is operating in India market with its existing tractors it has to reduce cost of production and to develop bases for differentiation to achieve competitive advantage over other competitors. Product development: As India is it’s its existing market and there are so many competitors including 4 MNCs and other foreign players the company should develop new product. So company has to develop its own R&D capabilities.

In this company has gone for acquiring some advertisement agency.Horizontal Diversification: In this Mahindra has already acquired complementary company like Yacheng vehicle utility company in China.consumer preferences. Develop in-house credit lending facility: Credit lending is increasingly playing an important role in purchase decision process. Vertical Diversification: These diversifications are goes along the value chain of a company. Yacheng and Jiangling for diversification both in Indian and Foreign market Joint Development: Developed own engine oil jointly with Servo. Hinoday casting and Ferrites Company and Castrol of India. Mahindra should try to give lending facility to all by its own finance company in order to drive up demand for its products. b. Marketing efforts should be accordingly re-directed towards the 41-50 HP categories to prevent further decline in market position. especially given very low levels of end-consumer awareness. component part industry and a market research company. Marketing Recommendations: a. agencies: Mahindra tractors can be made available on lease in partnership with government agencies as sugar mill 25 . Ensuring higher distribution margins would provide necessary monetary incentive for distributors to tout for Mahindra tractors. 1. Focus on Channels a. 2. b. Methods: Internal Development: Develops its own R&D. OEM and Finance company Acquisition or by External support: Acquised various companies like PTL. Focus on 41-50 hp segment tractors: Industry analysis demonstrates a tangible demand shift from 21±30HP category to higher HP category while Mahindar is less focusing on 41-50 hp category. Provide tractors on lease through govt. Ensure higher distributor margins: Distributors have a significant impact on shaping end.

Leverage international presence: Cross-geography expansion would help it leverage synergies between the tractors and auto parts business units on a much larger scale. Diversify Tractors . Geographical expansion would help diversify tractors sales ± monsoon correlation. And the business strategy is very highly competitive and innovative. Also the emerging market of tractor industry is very encouraging. provide -platfoa ³testrm for the farmers who would definitely consider Escorts when buying a tractor in future. Government partnership would impart a stamp of reliability on Mahindra tractors and at the same time. Conclusion: From the above it is clearly found that the performance of Mahindra and Mahindra tractor in this tractor market is very encouraging.Monsoons correlation: Tractor sales. 3. so only thing is to follow the strategy which will be able to meet the customer needs. b. 26 . As far as resource is concerned Mahindra & Mahindra is very strong in resource an d and capabilities. as already seen. as seen in the dry spell of 2001-03. Expand geographically a.co-operative societies. thus bringing down inventories to free up locked-up capital. are driven by monsoons. A bad 3-months monsoon season generally translates into large inventories. The company should concentrate on strategies like cost advantage and differentiation.

Tractor industry fortunes on the upswing http://www.com/bline/2004/12/22/stories/2004122201700200.com 6.pdf 7.htm 12.org/wiki/Eicher 5.wikipedia. The Escorts story: Can it be saved? http://202.http://en.http://en. Gujarat innovator's Rs 1.nic.aranca.rediff.124.Reference: 1. Tractor Industry in India ± Present and Future http://www.org/Activities%20Files/A0611/P-In. Eicher Motors .http://dsir. Tractors in India .pdf 11.com/money/2007/dec/18agri.pdf 2.com/samples/airsreport.htm 9. Escorts Group .54.wikipedia.thehindubusinessline.com/ 3.preetagro.in/reports/techreps/tsr042.ht m 8. Mahindra & Mahindra Limited http://en.133/money/2005/sep/10spec.org/wiki/Tractors_in_India 10.unapcaem.wikipedia.com http://captaintractors. Indian Agricultural Machinery Market: An Investment Perspective http://www.http://www. Tractor Industry .org/wiki/Mahindra_%26_Mahindra_Limited 4. Acquisition Candidates ± http://www.mahindragroup. Tractor Industry in India 27 .6 lakh tractor http://www.

http://www.com/science?_ob=ArticleURL&_udi=B6WH1-45RFHJG2&_user=1007270&_rdoc=1&_fmt=&_orig=search&_sort=d&view=c&_acct=C0000 50224&_version=1&_urlVersion=0&_userid=1007270&md5=1ac8bde5ae1ce37cf3fb ee1102ef91d314. 28 .sciencedirect.com/Occasional_Papers/OP127/op127.indianmba.html 13. IT² Information Technology and the Human Interface Tractor Vibration Severity and Driver Health: a Study from Rural India http://www.

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