Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Industry / Manufacturing/  Polaris India rides high on all-terrain vehicle sales
BackBack

Polaris India rides high on all-terrain vehicle sales

The only firm in India that sells all-terrain vehicles has sold 700 ATVs since January 2012

The local arm of the $3.2 billion US-based Polaris Industries Inc. may even consider locally manufacturing ATVs in the next two to three years. (The local arm of the $3.2 billion US-based Polaris Industries Inc. may even consider locally manufacturing ATVs in the next two to three years. )Premium
The local arm of the $3.2 billion US-based Polaris Industries Inc. may even consider locally manufacturing ATVs in the next two to three years.
(The local arm of the $3.2 billion US-based Polaris Industries Inc. may even consider locally manufacturing ATVs in the next two to three years. )

Mumbai: New Delhi-based Polaris India Pvt. Ltd, the first to sell all-terrain vehicles (ATVs) in the country, has sold 700 of these vehicles since January 2012, according to Pankaj Dubey, the company’s managing director.

The local arm of the $3.2 billion US-based Polaris Industries Inc. may even consider locally manufacturing ATVs in the next two to three years, Dubey said in an interview on Wednesday.

The buyers of the ATVs—small, open motor vehicles fitted with large tyres—were mostly individuals, with government departments accounting for the rest.

Global automakers such as Yamaha Motor, Suzuki Motor and Honda Motor have ATVs in their portfolios but none of them have introduced them in the Indian market.

The average price of single-seater ATVs is Rs8-13 lakh while those that can seat four to six people are priced at Rs13-18 lakh.

Dubey expects an order of close to 100 units from government departments, including paramilitary forces, the Indian army and state police departments. The company, he said, has supplied some units to the Gujarat state police to patrol border areas.

In a bid to attract individual buyers, most of whom are high net-worth individuals, Polaris has created several so-called “experience zones" where visitors can test drive ATVs on specially-designed tracks for 150-7,000 a ride.

The company is also in talks with holiday resorts and hotels to promote adventure tourism with ATVs.

In 2012, Polaris Inc. tied up with commercial vehicle maker, Eicher Motors Ltd and the equal joint venture will invest Rs250 crore over three years to set up a manufacturing facility, said Dubey.

Dubey declined to comment on the kind of models the JV would make but said it will launch a model in 2015.

The local unit will help the firm shave-off duty—India levies a duty of 100% on the import of ATVs.

Anil Sharma, senior analyst at global sales and forecasting firm IHS Automotive, said, “Polaris will have a free run in India, at least till newer companies enter the segment."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 19 Sep 2013, 11:56 PM IST
Next Story footLogo
Recommended For You
Manufacturing Stocks
₹557.550.52%
ITC
₹4280.13%
₹2,987.85-0.37%
₹152.852%
Switch to the Mint app for fast and personalized news - Get App