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)

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 ANALYSIS14 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 Analysis17 3.7 Strength and Weakness...20 3.8 Strategic clock..21 3.9 Ansoff Matrix..22 4. RECOMMENDATION23 5. CONCLUSION.24

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

Industry analysis: There are various analysis are being done to know both immediate and extended environment. PESTEL analysis: There are many factors in the environment that will affect any organization. Tax changes, new laws, trade barriers, demographic change and government policy changes are all examples of macro change. To help in analyze these factors we can categorize them using the PESTEL model. This classification distinguishes between political, economical, social, technological, ecological and legal factor. By PESTEl analysis we can know about extended environment and key drivers of change of an organization. Political factors: These refer to government policy such as the degree of intervention in the economy. What goods and services does a government want to provide, to what extent does it believe in subsidizing firms, 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 health of the nation and the quality of the infrastructure of the economy such as the road and rail system. The political factors related to tractor industry are

Government laid stress on the mechanization of agriculture with a view to boost food grain production. Therefore agriculture sector started receiving financial assistance.

Subsidy on agricultural loans from government Change in taxation policy 100% FDI policy Regaining Agricultural dynamism, a key goal of eleventh Five year plan

Economical Factors: These include interest rates, taxation changes, economic growth, inflation and exchange rates. Economic change can have a major impact on a firm's behavior. The economics factors related to tractor industry are:

95% of tractor sales are on credit. Credit is extended by commercial banks, state land development banks and regional rural banks.

Cost of tractors in India is the cheapest in world .The cost of a finished tractor here is as much as the cost of gear box in developed countries. Hence there exists tremendous scope for exports.

Detoriating foreign exchange situation in western country, poor buying capacity and comparatively cheaper import of second hand tractor from developed country reduces the export of tractor from India in recent days.

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. 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.

there is need for more tilling due to depletion of moisture and repeated cultivation of land .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. Mechanized operations are preferred to eliminate drudgery and delay, also labor shortage during harvesting increased the use of tractor

More farmers are opting for multiple cropping over last decade. Country's gross cropped area increased by about 4.7%. This indicates the increased popularity of multiple cropping.

Technological factor: New technologies create new products and new processes. Technology can reduce costs, improve quality and lead to innovation. These developments can benefit consumers as well as the organizations providing the products. Sometimes the technology reduces the life cycle of products. The technological factors related to tractor industry are

Accelerated acquisition of technology capabilities to raises productivity in agriculture. Continuous technological innovation Renewable energy development. Ex, coal gas renewable

Ecological factors: Ecological factors include the weather and climate change. Changes in temperature can impact on many industries including farming. With major climate changes occurring due to global warming, Acid rain, Green- house effect and with greater environmental awareness this external factor is becoming a significant issue for firms to consider. The growing desire to protect the environment is having an impact on many industries, as environmentally friendly products and processes are affecting demand patterns and creating business opportunities. The ecological factors related to tractor industry are

Irrigation facilities reduce reliance on the monsoon and allow for quick yielding varieties of food -grain .This reduces the cropping cycle to 3-4 months from the traditional 5-6 months. Reduced cropping cycle require deep tilling which translates into higher demand for tractors.

Strong monsoons, increase lending by nationalized banks which leads to farming of commodity prices money availability catapulted tractor demand.

Global warming

Legal factors: These are related to the legal environment in which firms operate. In recent years the changes legal factors of developed countries affected firms' behavior in other countries due to globalization. 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. The legal factors related to tractor industry are

Collaboration with government which shapes policy issues Agricultural policy

6

Diamond Analysis: This analysis is done to know the fairness and suitability of a market. The analysis is given below.

Diamond analysis:
Demand condition

Customers are more demanding because there is a need of more production in less time, numbers of bulls for ploughing is decreasing and they can use the tractor for transportation purpose also. Good financial support for agricultural equipments.

Factor market condition

Rivalary

Physical resources, financial resources, technological innovation, raw material and skilled human power are easily available.

This industry comprises of 14 players including 4 MNCs. There are big competitors like TAFE, Escorts, PTL, ITL, Eicher, John Deer and New Holand are competing in market which leads to a healthy competition.
7

Related and supported industry

The related and supported industry like casting industry, Forging part industry, Equipment industry, Battery industry, Engineer and Technological industry, Marketing agencies, Piston and Ring industry are available largely which leads to high quality Five force analysis: from fiveproductanalysis we can know the industry structure and force with low cost. the opportunity and threats. In is conducted to know about the immediate environment. The competitive structure of an industry can be analyzed using Porter's five forces. This model attempts to analyze the attractiveness of an industry by considering five forces within a market. 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. For tractor industry: The consumer base of tractor is highly disbursed throughout India. Due to High switching cost tractors companies can compromise on quality and price Lack of awareness among farmers like pricing, offerings. Etc. there are a few, big buyers so each one is very important to the firm This leads to low bargaining power of buyer 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
8

determine the terms and conditions on which business is conducted. For tractor industry: The suppliers do not pose any threat of forward integration Though steel forms a major inputs , the tractor industry is not most Many number of supplier are there for tractor industry Switching cost from one supplier to another is less

important customer for steel industry

Hence bargaining power of supplier is less. Threat of Entry: the extent to which barriers to entry exist. 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 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, Ex, 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. 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 ease of switching depends on what costs would be involved and how similar customers perceive the alternatives to be. For tractor industry:
There are no credible substitutes to the tractors 9

requirement

 The only option available is bull-plough

Power-tellers very low power of substitute

Hence there is low threat of substitute for tractor. Rivalry: This measures the degree of competition between existing firms. The higher the degree of rivalry the more difficult it is for existing firms to generate high profits. 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.

http://dsir.nic.in/reports/techreps/tsr042.pdfhttp://www.escortsgroup.com/newsroo m/newsroom_industry_news.html http://www.unapcaem.org/Activities%20Files/A0611/P-In.pdf http://www.thehindubusinessline.com/bline/2004/12/22/stories/200412220170020 0.htm

10

Five Force analysis

Porter 5 Forces Analysis Summary Snapshot http://en.wikipedia.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. However, about 90 per cent of market is shared among the top 5-6 players only. Mahindra and Mahindra continues to dominate the industry with close to 30 per cent share, while other players like TAFE, Escorts, PTL, ITL and Eicher enjoys market share of 15 per cent , 14 per cent , 11 per cent , 11 per cent and 9 per cent respectively.

TRACTOR COMPANY M&M TAFE ESCORT PTL ITL EICHER HMT ltd OTHERS

MARKET SHARE PERCENTAGE 30% 15% 14% 11% 11% 9% 3% 7%

11

Market share in Horse Power segment

Tractor company/Market share M&M TAFE Escort LT-JD Sonalika HMT Others

21-30hp 37.2% 30.4% 18% 0.0% 9.5% 2.6% 2%

31-40hp 44.9% 26.5% 7.2% 0.5% 10.5% 3.7% 7%

41-50hp 18.7% 41.6% 0.9% 12.9% 0.0% 23.5% 2%

<50hp 57.6% 1.1% 0 29% 0% 4.6% 8%

12

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. government Subsidized by government Heavily depend upon rural Bank clamped down on credit. economy Demand increases. Credit availability at 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 with government Agricultural policy High quality product

Economical

Social

Ecological

Legal

This attracts the more players

Industry levels opportunity:

Huge increase in export: Indian tractors are cheapest in the world. It costs as

much as a gear box costs in a developed country. Indian tractors are gaining international acceptance because of their standard. Thus there is a huge opportunity for
13

exports to various countries in Asia and Africa and exports have seen a growth of about 45% in year 2007-08. Increase in credit availability: More private banks are also now lending credit

to farmers along with nationalized banks for purchasing farm machinery. This provides an opportunity for growth in sales of tractor.

Technological innovation: There are also several innovations taking place such

as fuel efficient tractors and tractor that use alternate energy source. These will be the tractors of the future and if a company acquires competencies in this, it gains huge advantage. The government has been trying to strengthen the exports of agricultural

products. As a result, the quality of agricultural products necessarily has to be very high. For this, they need better rural and agricultural infrastructure. This might result in an increase in demand for tractors. In India, the penetration of tractors is 10 tractors per 1000 hectares of cropped

area, which is much below the world average of 19 tractors for the same. Thus there is scope for the demand to increase.

Mahindra & Mahindra had acquired a majority stake in Punjab Tractors Limited

(PTL) in early 2007. PTL is a good strategic fit to the company, as it comes with its strength of efficient design (strong R&D abilities) and the Brand Swaraj, which enjoys a strong customer loyalty for being sturdy and reliable. This acquisition has an opportunity of getting advantages of economies of scale, sourcing benefits and vendor rationalization. Threats:

Dependency on monsoon: the growth of tractor industry is heavily dependent on

the growth of agriculture. Good monsoon increases the agricultural GDP and hence boost tractor sales. The sales dip significantly in the year when the monsoon fails.

Entry of foreign players: they are no cap of FDI that can be invested in this

industry. 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. Moreover, the

14

foreign players like John Deer and New Holland who have entered in the market have technological superiority which poses a threat to current players.

Farm land fragmentation: One measure characteristics of Indian farm land is

that they are heavily fragmented and are of small size. The farmers do not hold sizeable chunk of land to use agricultural machinery like tractor in their land. The company has a history of having invested in unrelated diversifications such

as telecom, holiday and resort inns, financial services, etc. which it has hived off as subsidiaries from time to time when these turned unmanageable. This is a cause for concern as such diversifications could divert the company's attention from its core business. It is a dangerous tendency as it leads to destruction of shareholders value.
http://www.aranca.com/samples/airsreport.pdf http://en.wikipedia.org/wiki/Tractors_in_India http://www.deere.com/en_US/deerecom/usa_canada.html http://www.newholland.com/home.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. The technological founders of our nation and of product our company passionately Products that redefined the market believed this. We will prove them right by believing in ourselves and by making M&M Ltd. known worldwide for the quality of its product and services. By 2015 it wants to enter almost all continents of world Joint ventures, acquisition and merger with different players in other countries Foreign competition. innovative and by out sourcing of technology

15

Plan to open 30 outlet pan in India by next 4 year

Restructuring company.

of

the

Network of dealers, sales offices, service stations etc.

Mission: We dont have a to group-wide statement. 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, Six Sigma, DOE ( Design of Experiments) and TPM ( Total Productive Maintenance)

mission system even more efficient

To usher prosperity; for its customers, other stakeholders. dealers, By Keeping better To be the market leader in all power segments of tractors. developing good good employees, society and all citizenship behavior. relationship with customers by providing quality service and providing latest information Strong market base in the urban, semi-urban and rural areas. USP ruggedness and performance.

16

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: The mission and vision are very general. The objectives are according to mission and visions. There should be specific strategy for each objective. As there are many brands under umbrella brand Mahindra and Mahindra, so there should be separate for all brands. Some objectives are not quantified New vision: To be the undisputed leader of world automobile and farming equipment industry.
17

New Mission: To provide best value for money to customers through best quality and most cost effective products and services. Resource analysis- There is two types of resources i.e. Stock resources and capabilities resources. Stock Resources: These are the resources which are required to start any business at base level. Physical, financial and technological resources are coming under stock resources.
1. Physical resources:

High inventory capacity The parent company has its own Infrastructure Company, IT Company and Financial service company.

High quality equipments for production Many number of own out-lets Have own OEMs Large infrastructure

2. Financial resources:

Highest market share High value of market share The company has an equity capital base of Rs. 110.5 crore and the number of shares are 11.05 crore

The market capitalization of the company, as on 30th March 2001, is Rs. 1,387.63 crore.

3. Human resources: The company is inducting senior management resources from diverse companies like Xerox, Marico, Enron, Hindustan lever Ltd as well as from engineering, tractor and automobile sectors. This enabled the company to induct a talent pool with rich background which was suitable to the changing business requirements of the group.
18

Also in order to bring in young talent keeping in mind the long term objectives, the group has started a formal Management Trainee Scheme through campus recruitments. The move threw up an interesting observation, that of acceptability of young blood working initially at operational level jobs with older experienced people.

4. Technological resources:

With plants in Mumbai and Nagpur, the farm equipment sector of Mahindra and Mahindra manufactures tractors, which are state-of-the art and technologically one of the most advanced.

It is the companies that have established Total Quality Management in their entire business operations ranging from human resources, product development, sales and marketing processes, vendors to its commitment to corporate citizenship

Mahindra & Mahindra, the leading Indian automotive manufacturer for over 60 years, today announced a landmark breakthrough in Indian alternate fuel technology. 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.

Capability resources: These are flow resources which are coming from competencies of employees and capability of organizations. Production capability, marketing capability, human resources development capability and steering capabilities are coming under capability resources. 1. Innovation: The company has set up Mahindra Kisan Mitra (MKM), a Web site which provides farmers the latest information relating to crops, weather conditions,

19

loans, insurance schemes, commodity prices, Government schemes, 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, meeting the world's latest emission norms.

The first Indian tractor with turbo technology the 'Mahindra Sarpanch 595 Di Super Turbo'.

2. Production capability:

Methodologies like TQM,QC story and QC tools, Six Sigma, DOE ( Design of Experiments) and TPM ( Total Productive Maintenance) are available.

Efficient and competent employees Process control in production Highest production capabilities( 1,50,000 tractors per year) Larger rural initiative Mahindra Samriddhi, which aims to increase agricultural productivity through creative farming techniques.

3. Marketing capability:

Huge distribution channel in rural, urban and semi urban area Established brand name Highly motivated sales people As part of this initiative, 30 Mahindra dealerships have been transformed into Samriddhi centers, offering the farmer easy access to technological know-how, hybrid seeds, soil and water-testing facilities, demo farms, finance and insurance, Internet updates and sales and servicing of tractors and tractor implements.

Good advertisement strategy

20

After sale service for longer period A quick one-stop-shop for promotion of company

4. Human resources development:

Thrust is on building leadership development at middle and senior management levels, where the emphasis is on strategy, leadership and change.

Training and development programme to all level of employees. Proper succession and career planning. To avoid the feeling of animosity and in order to build camaraderie, the group has put in place a Mentoring system, where each management trainee has a senior executive who plays the role of mentor.

The mentor reviews the progress made by the trainee every two-three months and provides guidance and counseling if the need so arises.
http://www.prdomain.com/companies/M/Mahindra&Mahindra/newsrel eases/2003101820570.htm http://mahindratractor.com/pdf/Samriddhi%20PR %20_Raipur_Mar18,08.pdf

Strength and Weakness of Mahindra Tractor

Strength

Weakness

21

1. Market leader in terms of market

1. The

company

is

highly

share is its biggest strength 2. The company's ability to introduce new products in the market and to generate sales from those new products is a major strength. The reason being that this is very essential for any company, for its survival in the long run. 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 channel. 5. Sufficient financial resources and effective distribution

dependent on the rural sector

2. Less technological ability as

compared to Foreign players

3. Low labor productivity

Recommended strategy-

22

Strategic Clock

High

Moderate

Low

P er ci ev e d u ni q e n es

Arju n

Sarapanc ha

vumiput ra

Sha an

New Sarapan cha

Low

Price Moderate

High

Strategic clock helps to develops strategy with compared to competitors.

Direction and methods of strategy development:

23

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. Thats why it acquired Jiangling Tractor Company. 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 its 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. Strategy of Diversification: As Mahindra tractor is going to launch new product in new market like china it should go for related diversification. In related diversification it has gone for both vertical and horizontal diversification.
24

Horizontal Diversification: In this Mahindra has already acquired complementary company like Yacheng vehicle utility company in China, Hinoday casting and Ferrites Company and Castrol of India. Vertical Diversification: These diversifications are goes along the value chain of a company. In this company has gone for acquiring some advertisement agency, component part industry and a market research company. Methods: Internal Development: Develops its own R&D, OEM and Finance company Acquisition or by External support: Acquised various companies like PTL, Yacheng and Jiangling for diversification both in Indian and Foreign market Joint Development: Developed own engine oil jointly with Servo.
1. Marketing Recommendations: a. Focus on 41-50 hp segment tractors: Industry analysis demonstrates a tangible

demand shift from 2130HP category to higher HP category while Mahindar is less focusing on 41-50 hp category. Marketing efforts should be accordingly redirected towards the 41-50 HP categories to prevent further decline in market position.
b.

Develop in-house credit lending facility: Credit lending is increasingly playing an important role in purchase decision process. Mahindra should try to give lending facility to all by its own finance company in order to drive up demand for its products.

2.

Focus on Channels
a.

Ensure higher distributor margins: Distributors have a significant impact on shaping end- consumer preferences. Ensuring higher distribution margins would provide necessary monetary incentive for distributors to tout for Mahindra tractors, especially given very low levels of end-consumer awareness.

b.

Provide tractors on lease through govt. agencies: Mahindra tractors can be made available on lease in partnership with government agencies as sugar mill co-operative societies. Government partnership would impart a stamp of
25

reliability on Mahindra tractors and at the same time, provide -platfoa testrm for the farmers who would definitely consider Escorts when buying a tractor in future.

3. Expand geographically
a.

Leverage international presence: Cross-geography expansion would help it leverage synergies between the tractors and auto parts business units on a much larger scale.

b.

Diversify Tractors - Monsoons correlation: Tractor sales, as already seen, are driven by monsoons. A bad 3-months monsoon season generally translates into large inventories, as seen in the dry spell of 2001-03. Geographical expansion would help diversify tractors sales monsoon correlation, thus bringing down inventories to free up locked-up capital.

Conclusion: From the above it is clearly found that the performance of Mahindra and Mahindra tractor in this tractor market is very encouraging. And the business strategy is very highly competitive and innovative. The company should concentrate on strategies like cost advantage and differentiation. Also the emerging market of tractor industry is very encouraging, so only thing is to follow the strategy which will be able to meet the customer needs. As far as resource is concerned Mahindra & Mahindra is very strong in resource an d and capabilities.

26

Reference:
1. Tractor Industry - http://dsir.nic.in/reports/techreps/tsr042.pdf

2. Acquisition Candidates http://www.preetagro.com http://captaintractors.com/ 3. Mahindra & Mahindra Limited http://en.wikipedia.org/wiki/Mahindra_%26_Mahindra_Limited 4. Eicher Motors - http://en.wikipedia.org/wiki/Eicher 5. Escorts Group - http://www.mahindragroup.com 6. Tractor Industry in India Present and Future http://www.unapcaem.org/Activities%20Files/A0611/P-In.pdf 7. Tractor industry fortunes on the upswing http://www.thehindubusinessline.com/bline/2004/12/22/stories/2004122201700200.htm

8. The Escorts story: Can it be saved? http://202.54.124.133/money/2005/sep/10spec.htm 9. Tractors in India - http://en.wikipedia.org/wiki/Tractors_in_India 10. Indian Agricultural Machinery Market: An Investment Perspective http://www.aranca.com/samples/airsreport.pdf 11. Gujarat innovator's Rs 1.6 lakh tractor http://www.rediff.com/money/2007/dec/18agri.htm 12. Tractor Industry in India http://www.indianmba.com/Occasional_Papers/OP127/op127.html

27

13. IT Information Technology and the Human Interface Tractor Vibration Severity and Driver Health: a Study from Rural India http://www.sciencedirect.com/science?_ob=ArticleURL&_udi=B6WH1-45RFHJG2&_user=1007270&_rdoc=1&_fmt=&_orig=search&_sort=d&view=c&_acct=C00005 0224&_version=1&_urlVersion=0&_userid=1007270&md5=1ac8bde5ae1ce37cf3fbee 1102ef91d314.

28