The world’s fourth-largest tractor manufacturer, Case New Holland (CNH) Industrial, aims to triple the sourcing of parts and components from India, worth over $300 million in the next three years.
CNH Industrial (India) told the media that as part of its China plus strategy, the Italian-American company has clear visibility of tripling its sourcing from India to worth over $300 million by 2024 and could be increased to half a billion dollars in three to five years.
Managing Director CNH Industrial (India), Raunak Varma, said that over the last two years, India has proven to be a reliable source by delivering over 100% efficiency, despite disruptions due to the Covid-19 pandemic. It is compelling the headquarters to shift towards it for sourcing products from engines and engine parts to forgings and other critical components.
He added that the company is looking at how to source more from India and that it will be a hedge against the large sourcing from China.
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