Polaris India aims at $100 mn revenues in 5 yrs

Off-road vehicle maker Polaris India today said it was targeting revenues of $100 million by 2016 and planned to set up an assembly plant in the country within the next 4-5 years.

"We see a significant growth over the next five years here and are eyeing $100 million revenue during the same period. We are a world leader in off-road and all-terrain vehicles and will dominate the market here also," Polaris India Managing Director Pankaj Dubey said.

Once sales increase, the company will look at setting up a manufacturing plant in India, Dubey said but declined to reveal other details.

Polaris India, a wholly-owned subsidiary of the US-based Polaris Industries, today launched its off-road and all-terrain vehicles here, priced between Rs 2.78 lakh and Rs 20 lakh.

At present, its flagship products include ATVs, Polaris Ranger, side-by-side vehicles and Snowmobile, which are imported from the US and Mexico as completely built units.

"We will focus on the utility application of our vehicles in areas of construction, mining, farming, military and coastal patrolling," Dubey said.

The company has already started a technical centre in the country in association with engineering major L&T and has tied up with TCS for IT services, he added.