In the mid-1970s, the model 540 was introduced above the IMT 533, which, like its little brother, was based on the MF 35’s technology. The engine was a 2.5-liter pre-chamber diesel made under Perkins license. The base model had 40 hp, and the Special version had 47 hp. The standard transmission was 6+2, and as an option, a 10+2 transmission was available, where the top 2 gears in each range were synchronized. Models equipped with this transmission had a reduction gear at the rear for the power take-off shaft because there was no space inside the gearbox for gears that provided the appropriate speed.

For Western export, model 547 was introduced, equipped with a direct injection Perkins engine made in England. Additionally, the 547 had larger tires and an extra valve for external hydraulics. A company named Parkanon Auto ja Puu purchased over 100 units of these models for Finland in 1980. The cabin was installed in Finland, and its manufacturer was Kurikkaferro.

In 1986, the 542 was introduced as the successor to the 540, and the 545/549 succeeded the 540 Special. These models featured a smooth bonnet design stylistically similar to the MF 500 series, and the engine in the 545/549 was a renewed direct injection diesel. The 549 had a 10+2 transmission, and the outputs of the hydraulic pumps could be combined. Hydrostatic steering was available as an option. At the end of the 1990s, newly redesigned models with improved cabins were introduced alongside the traditional ones. The 10+2 transmission became fully synchronized, and the road speed increased to 40 km/h.

In 2005, IMT signed a cooperation agreement with Deere to equip their tractors with engines meeting the new emission standards of Western markets. The smaller range included the 550, otherwise identical to the 549, equipped with Deere’s 2.9-liter three-cylinder engine (54 hp). The IMT 540 is still being manufactured under license in Pakistan.

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