History
The brand Sonalika Tractors is owned and operated by International Tractors Limited, which was incorporated in 1969. It was founded by Lachhman Das Mittal.[8] It sold its first tractor in 1996. International Tractors Limited was incorporated on 17 October 1987 and began manufacturing tractors named as Sonalika designed by Central Mechanical Engineering Research Institute (CMERI).
In 2000, Renault Agriculture, a French tractor maker, acquired a 20% stake in the company for 80 million francs (equivalent to $11.4 million in 2000) and formed a Sonalika-Renault joint venture to market its tractors worldwide.[9][10][11]
After tie-up with Renault Agriculture, the company started producing licensed Renault tractors under the Renault Sonalika International. However, the tractors are marketed under 'Solis' brand name while it is marketed under the 'Sonalika' brand name in India.[10] In August 2005, Sonalika bought back its stake from Renault when Renault Agriculture was acquired by Germany's Claas Motors.[12][13] In October 2005, Yanmar, a Japanese company, acquired a 12% stake in Sonalika Tractors.[14]
In October 2012, the Blackstone Group bought a 12.5 per cent stake in the company for ₹520 crore.[15] The investment from Blackstone made the company valued at ₹4,200 crore in 2012.[16] The market share of Sonalika Tractors was also increased from 7.8 per cent (in 2011) to 9.9 per cent in 2013. The company launched a heavy range air-conditioned tractor series called Worldtrac 90 in June 2013.[17] In December 2016, Yanmar bought 18 per cent stake in Sonalika for about ₹1,600 crore. Currently, it owns a 30 per cent stake in the company after Blackstone exit.[18]
It formed a new joint venture with FAMAG in Algeria in October 2018.[19]
