Mahindra Gujarat Tractors renamed Gromax

Ahmedabad: Mahindra Gujarat Tractors (MGT), owned by world’s largest tractor manufacturer Mahindra and Mahindra (M&M)(60%) and Gujarat government(40% stake), plans to invest around Rs 150 crore over a period of next 3-5 years. The joint venture (JV) which sold around 1,500 tractors last year has also changed its name to Gromax Agri Equipment and launched a new brand of tractors ‘Trakstar’. The newly-launched brand will focus on value seeking farmers with smaller land holdings and will be present across 30-50 HP category. It will be launched in a phased manner across the key markets in the country, which together cover about 80% of the tractor industry.The Trakstar products are expected to cost around 5-7% less than the mainstream tractors, the officials said.