| Millat Tractors Limited | |
| Type: | Public |
| Traded As: | KSE 100 component KSE 30 component |
| Founders: | Rana Khudadad Khan Rana Allahdaad Khan |
| Hq Location City: | Lahore |
| Hq Location Country: | Pakistan |
| Num Employees Year: | 2023 |
| Industry: | Agricultural machinery |
| Products: | Tractors |
| Area Served: | Pakistan |
| Revenue Year: | 2023 |
| Income Year: | 2023 |
| Net Income Year: | 2023 |
| Assets Year: | 2023 |
| Equity Year: | 2023 |
| Num Employees: | 336 |
| Subsid: | TIPEG Intertrade DMCC (75%) Millat Industrial Products Limited (64.09%) Bolan Castings Limited (46.26%) Millat Equipment Limited (45%) Hyundai Nishat Motors (15.86%) |
| Footnotes: | Financials [1] |
Millat Tractors (Urdu: ملت ٹریکٹرز) is a Pakistani agricultural machinery manufacturer based in Lahore, Punjab, Pakistan.[2] [3] Founded in 1964, it is the manufacturer of Massey Ferguson tractors in Pakistan with a production capacity of 40,000.[4] [5] [6]
It is one of the two major tractor manufacturers of Pakistan with a 70 percent market share, as compared to Al-Ghazi Tractors which had 29 percent market share in 2021.[7]
Millat Tractors Limited was founded as Rana Tractors and Equipment Limited in 1964 by Rana Khudadad Khan and Rana Allahdaad Khan. It became an importer and marketer of Massey Ferguson tractors in Pakistan.[4] The company initially imported tractors as completely built units (CBU) but transitioned to assembling them from semi knocked-down (SKD) kits by 1967, due to transportation and cost efficiencies.[8]
In 1965, Rana Tractors was listed on the Karachi Stock Exchange.[9]
In 1972, following the nationalization of key industries by the Government of Pakistan, Rana Tractors was renamed Millat Tractors and incorporated into the Pakistan Tractor Corporation (PTC), facilitating the assembly of tractors from completely knocked down (CKD) kits.[8] The first engine assembly line in Pakistan was developed by Millat Tractors in 1982, although the company faced difficulties in procuring cast and machined parts.[8] This led to the establishment of casting facilities at vendor sites in 1984 and an in-house machining facility for essential engine and axle components.[8]
In 1992, Millat Tractors was acquired by the employees of the company for 306 million under the privitization scheme.[10] Subsequently, a tractor assembly plant was established capable of producing 15,000 tractors annually in a single shift.[8]
In 1993, Millat Tractors acquired a 51 percent stake in Bolan Casting Limited, enhancing its casting capabilities for automotive parts.[8] The following year, it established Millat Equipment Limited to produce gears and shafts for tractors and other applications.[8]
In 1999, Millat Industrial Products Limited was established to manufacture batteries and cells for the automotive and industrial markets.[8]
By 2015, Millat Tractors had diversified its product range to include seven tractor models, various industrial products such as generators and fork lifts, and twenty-five types of agricultural implements.[8]
In January 2023, due to continuous drop in demand for tractors and cashflow constraints, Millat Tractors suspended its plant operations till further notice.[11]
In June 2024, an audit of Millat Tractors submitted to the Federal Tax Ombudsman imposed a penalty of Rs 5.41 billion on the company.[12]
Millat Tractors, as a company, is on the Forbes List of Asia's 200 Best Under a Billion (2018)[3]