08 January 2024, New Delhi: Sonalika Tractors has been included in the Fortune 500 India 2024 list among the nation’s largest companies. Additionally, Sonalika has been ranked among the top 10 auto brands in India in the Fortune India listing.
Starting operations in Hoshiarpur, Punjab, in 1996, Sonalika has grown to be among India’s 500 largest companies, with an estimated turnover of $1.1 billion. The company follows three core principles: offering quality products and services, supporting stakeholders, and conducting ethical business without shortcuts. Sonalika has maintained a debt-free approach and operates in over 150 countries.
Sonalika attributes its success to a culture that values stakeholders, including employees, dealers, vendors, and farmers. The company has focused on delivering tractors and driving technological transformation in the farming sector. During the COVID-19 pandemic, Sonalika paid salaries, advanced vendor payments, and avoided layoffs. It is trusted by over 17 lakh farmers worldwide and is India’s top tractor export brand and the third-largest tractor brand in India. Sonalika operates an integrated manufacturing plant that produces a new tractor every two minutes.
Chairman LD Mittal of International Tractors Limited commented on the inclusion in the Fortune 500 India list, stating that the company’s growth reflects its core principles of prioritizing people, delivering products and services, and adhering to ethical business practices. He acknowledged the efforts of the team, trust of farmers, and support from dealers and vendors in achieving this milestone.
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