Polaris Launches Off-Road Vehicles In India

Published: Thursday, August 25, 2011, 16:38 [IST]

Polaris, the US based off-road vehicle manufacturer, which launched its vehicles priced between Rs.2.4 lakhs and Rs.20 lakhs, has announced plans to enter the Indian market. The company said it would set up a plant in India within the next five years and is expecting revenues of up to $400 million.

Polaris' off-roaders will be imported as completely built units from the US and Mexico. The company feels its products can be priced better if they are built in India. It expects sales to increase once the 116 per import duty on its vehicles are removed after local production begins. The company is exploring for local partners and parts suppliers.

Polaris already has a wholly owned subsidiary in India and is looking to set up a research and development centre and introduce its high-end motorcycles in India. Pankaj Dubey, who was previously heading Yamaha's operations in India has been appointed as the managing director of Polaris India. Polaris will also produce new models considering Indian conditions.

Polaris Industries President and COO Bennett J Morgan said: “Polaris sees significant growth in the next five years and is targeting a USD 5 billion turnover globally. India is a long-term opportunity for Polaris and we are expecting sales between $100 million and $400 million from here by then." Polaris is looking at India and China to bolster its global sales target.

Article Published On: Thursday, August 25, 2011, 11:55 [IST]

Read more on: #auto news #polaris #new launches #yamaha #atv

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