Three Panjab Companies In Fortune 500; Auto Industry Struggles

Three Panjab-based companies—Hoshiarpur’s International Tractors Ltd (ITL), Ludhiana’s Vardhman Textiles, and Trident Limited—have been featured in the latest Fortune 500 India rankings, which list the country’s top 500 corporations by sales and gross revenue. ITL, makers of Sonalika tractors, is placed at 237^th with total revenue of USD 1.2B, solidifying its position as India’s third largest tractor manufacturer. Incorporated in 1996, ITL produces 20-120 horsepower tractors, tailored to regional and application-specific needs, and is known for its engine technology. Meanwhile, Vardhman Textiles, based in Ludhiana, ranked 251^st (down from 212^th last year) with a revenue of USD 1.1B. Vardhman, India’s largest vertically integrated textile maker, produces 240K metric tons of yarn and 220M metres of woven fabric annually, employing over 30K people. Trident Limited climbed from 329^th to 321^st place, reflecting strong performance in its textiles, paper, and energy sectors. Trident also earned a spot in the Dun & Bradstreet Top 500 Value Creators list. Meanwhile, the auto parts manufacturing industry in Haryana and Panjab, comprising over 4K units and employing nearly 5M people, is facing a severe crisis due to rising production costs, competitive market pressures, and high Government Sales Tax rates. Currently producing components and nut-bolts for automobiles worth substantial amounts domestically and for export, these units must contend with over 25% of auto parts imported from China and nearly 60% of accessories arriving from overseas. According to Guru Pargat Singh Kahlo, President of the Auto Parts Manufacturing Association of India, a proposed 25% duty on steel—considered basic raw material—threatens to further harm the struggling sector.