Leading tractor and farm tools producer Escorts is now Escorts Kubota. The firm mentioned it has now acquired the approvals for the title change.
This follows as much as the companions settlement in direction of strengthening their imaginative and prescient of being a worldwide chief in farm mechanisation. It was final 12 months, when Kubota determined to extend its fairness stake in Escorts to 44.8 p.c by buying new fairness shares by way of an open supply to the shareholders of Escorts and thus changing into a joint promoter of the corporate together with the Nanda household, whose shareholding has remained unchanged. Nikhil Nand will continues to be the Chairman and MD of the corporate.
Nikhil Nanda mentioned, “Our partnership with Kubota in Escorts Kubota has been welcomed by all our stakeholders and investors. Consequently, the process was completed smoothly. We are now well poised at a very interesting time in global history to contribute at much higher levels to India and the world’s quest for food security, sustainable agriculture and smart agriculture.”
Yuichi Kitao, President and Representative Director, Kubota Japan mentioned, “We are very pleased to partner with Escorts Kubota at a time when we can combine our strengths to provide advanced farm mechanisation solutions to address global food security and enhanced farm productivity needs.”
Source: www.financialexpress.com”