Located at Laizhou Shahe Industrial Park, Shandong province, Shandong Luyu Heavy Industry is an established player in small size loader, small-medium-sized excavator and forklift in China with a group turnover of over 400 million USD, as per Sonalika Group release.
The company also exports the products to many countries outside of China.
This joint venture shall enable Shandong Luyu Heavy Industry Co., Ltd. to expand its product line up and offer globally accepted ITL’s range of tractors in the Chinese market.
The joint venture shall also assemble the engines for the wheel loader application for captive consumption of Shandong Luyu Heavy Industry Co., Ltd and other wheel loader construction machinery manufacturers in China.
Commenting on the Joint Venture, Deepak Mittal, MD – ITL said, “Today ITL has presence in more than 120 countries and is a trusted brand among more than 1 Million farmers across markets, in both India and overseas.
ITL will also provide customized engines for the wheel loader construction machinery application. ITL is already exporting its engines for tractor application apart from using its engines in its own brand of tractors sold in India and globally.
JV Company will invest USD 10 Million to create a capacity of 50000 engine & tractor assembly facility in phase-1 and later on further investments will be planned as per the future expansion.
Yang Shao Jie, Founder and Chairman, Shandong Luyu Heavy Industry Company Limited said, “We are pleased and excited about this Joint Venture with Sonalika Group and we believe that this Joint Venture will be able to penetrate deep range of Sonalika tractors in China.
This Joint Venture shall also help Shandong Luyu Heavy Industry Co., to offer the globally accepted engine technology of Sonalika to its customers.