Carraro and the challenge of Mumbai Stock Exchange

Carraro has a well-established relationship with the Indian subcontinent and Mumbai, as shown by the recognition received from Mahindra. The corporate head office of the Mahindra Group is located exactly in Mumbai. On. December 30th at the Mumbai Stock Exchange, in the presence of Tomaso Carraro, Vice-Chairman of the Group and of Carraro India, and Balaji Gopalan, Managing Director of Carraro India, as well as the Italian Consul General in Mumbai, Walter Ferrara, a ceremony was held to mark the start of trading in the shares of Carraro India Limited.

Carraro India hits the Mumbai stock market

Founded in 1997, Carraro India was the first step in the internationalization plan of the Carraro Group, which is based on the logic of “local for local”. The company started its activities with the production of transmission systems in 1999 and axles in 2000, specializing in complex engineering products and solutions for some of the most important manufacturers of agricultural and construction machinery.

Enrico Carraro, Chairman of the Carraro Group, said: “This is an important step forward in our internationalization process, in line with the ‘local for local’ strategy we have adopted in every part of the world. Carraro India is an example of excellence for us. We arrived in Pune in the late 1990s and have gradually grown here, entrusting the management of our two plants and an R&D center to local management. It has been a successful decision that has paid off over the years with significant results, not least because India is now our leading market in terms of total sales. At the same time as developing our local activities, this operation will further strengthen the capital structure of our Group, with the aim of guaranteeing new room for growth in the future.”  

Tomaso Carraro, Vice Chairman of the Carraro Group and Vice Chairman of Carraro India, added: ‘This has been a successful transaction. The listing reflects our confidence in our growth potential and capabilities. India is indeed a very interesting market, especially in the agricultural sector, where the country is undergoing a major technological evolution to meet the challenges of food security and climate change. Indeed, the industry is moving away from low power two-wheel drive tractors to higher power four-wheel drive models that offer greater efficiency and productivity. And at Carraro, we are well prepared to meet this growing demand.

In a nutshell

The Carraro Group’s presence in India dates back to 1997. Today, in the Ranjangaon area, there are two plants specializing in the production of axles and transmissions for agricultural and construction machinery, and in the production of gears and components. In the city of Pune there is also a research and development center, Carraro Technologies India, dedicated to research and design activities for new products. As at 31 March 2024 (Indian financial year), the Group’s Indian operations will employ a total of 1,664 people and generate a turnover of approximately €200 million.