ET BureauCase New Holland Industrial, the world's fourth largest tractor maker, aims to triple sourcing of parts and components from India in value terms to over $300 million in the next three years, according to top executives.
As part of its 'China plus' strategy, the Italian-American company has clear visibility of at least tripling its sourcing from India to worth over $300 million by 2024, the executives at CNH Industrial (India), told ET, adding that it could be increased to half a billion dollars in three to five years.
According to Raunak Varma, MD of CNH Industrial (India), over the last two years India has proven to be a reliable source by delivering over 100% efficiency despite disruptions due to Covid-19, and this is compelling the headquarters to veer towards it for sourcing a range of products--from engines and engine parts to forgings and other critical components.
The company is looking at how to source more from India and that it will be a hedge against large sourcing from China, he said.
As part of its 'China plus' strategy, the Italian-American company has clear visibility of at least tripling its sourcing from India to worth over $300 million by 2024, the executives at CNH Industrial (India), told ET, adding that it could be increased to half a billion dollars in three to five years.
According to Raunak Varma, MD of CNH Industrial (India), over the last two years India has proven to be a reliable source by delivering over 100% efficiency despite disruptions due to Covid-19, and this is compelling the headquarters to veer towards it for sourcing a range of products--from engines and engine parts to forgings and other critical components.
The company is looking at how to source more from India and that it will be a hedge against large sourcing from China, he said.
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