Escorts Limited has received requisite approvals for the name change of the company from ‘Escorts Limited’ to ‘Escorts Kubota Limited’ with effect from June 9, 2022, the company said in a statement today.
Escorts and Kubota Corporation, Japan had decided to strengthen their partnership aligned to their vision of global leadership in farm mechanisation and spreading farming prosperity. Kubota has increased its equity stake in Escorts to 44.8 per cent by subscribing to new equity shares and through an open offer to the public shareholders of Escorts and also becoming a joint promoter of the company along with existing promoters, the Nanda family, whose shareholding in the company remains unchanged and Nikhil Nanda continues to be the Chairman and Managing Director (CMD) of the company.
Highlighting the development, Nikhil Nanda said, “Our partnership with Kubota in Escorts Kubota Limited 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.
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Yuichi Kitao, President and Representative Director, Kubota, Japan, said, “We are very pleased to partner with Escorts Kubota Limited 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.”
Escorts is among India’s leading engineering conglomerates, operating in agricultural machinery, material handling, construction equipment and railway equipment. Escorts endeavours to transform lives in rural and urban India by leading the revolution in agricultural mechanisation, modernisation of railway technology and transformation of Indian construction.
Kubota Corp is a global manufacturing company, specialising in agriculture, water, and living environment products, with a worldwide network, spread over100 countries. Kubota’s research and development values a thorough hands-on approach. As an agricultural and water expert, it challenges and attains the future of food, water, and the environment, realising customers’ needs.