Jul 05 2020nbsp018332Millat has always had a bit of a headstart when it came to tractors Started in 1964 in Lahore it is the authorized manufacturer of the American Massey Ferguson tractor in Pakistan The company was nationalized in 1972 and made a part of the Pakistan Tractor Corporation PTC.
Granted this is an improvement from the decades before this still means that the penetration of tractors in Pakistan is only 0 9 horsepower per hectare of cultivable land Compare that to the required power of 1 4 horsepower per acre meaning there is a shortfall of 0 5 horsepower per hectare.
Now from July 2018 to March 2019 the total tractors production in the country stood at 37 399 Of that a substantial 64 was produced by one company alone Millat Tractors.
Millat has always had a bit of a headstart when it came to tractors Started in 1964 in Lahore it is the authorized manufacturer of the American Massey Ferguson tractor in Pakistan The company was nationalized in 1972 and made a part of the Pakistan Tractor Corporation PTC.
The PTC started an indigenisation programme in 1980 and got Millat Tractors on board to set up engine assembly plants in Pakistan To this day that programme has been successful the tractor industry has achieved 95 of localisation in production.
As a result this has led to cheap tractors when compared to tractors around the world but is still unaffordable for the majority of farmers in Pakistan As has been previously locally reported most farmers find it difficult to invest in a tractor given that the average size of their farm is quite small for the purchase of a tractor to make sense In addition rates on loans from banks have not been generous in previous years thus deterring more farmers from owning their own tractor.
That is why analyst Yasin Muhammad Hanif at Darson Securities is a little more optimistic in his note sent to clients on June 29.
Beside these local manufacturers Pakistan is also importing tractors from other countries in which the name of Massey Ferguson Fiat and IMT comes on the top of the list Previously Millat tractors Limited was known as Rana tractor and equipment limited Later in 981 it was renamed to Millat Tractors Limited Millat is the name of self.
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Massey Ferguson Limited was a major agricultural equipment manufacturer Formed by a merger between Massey Harris and the Ferguson tractor company in the early 1950s a series of financial difficulties in the 1980s led to the company downsizing and being broken up before what was left of the original firm disappeared in the 1990s Today the company exists only as a brand name used by.
Millat Tractors was initially incorporated as Rana Tractors and Equipment Limited to import and market Massey Ferguson Tractors In 1965 facilities were created in Karachi to assemble tractors from semi knocked down kits In 1967 operations were shifted from Karachi to Lahore and in 1972 under the Economic Reforms Order the company was nationalized and started assembling and marketing.
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