Swaraj tractors are built by Punjab Tractors Ltd, a unit of Swaraj Enterprise, based in Ropar, Punjab, India. Punjab Tractors was founded in 1970 by the government of Punjab, with tractors being first produced in 1974. Swaraj also builds combine harvesters, forklifts and engines.
In 2007, Mahindra purchased 64.6% of Punjab Tractors Limited, and control it and the Swaraj brand name. Swaraj tractors command 40% of the Indian market. Along with the tractor division, Mahindra acquired a 33.2 per cent stake in Swaraj Engines and a 14 per cent stake in Swaraj Mazda. The stake in Swaraj Mazda was later sold.