NEW DELHI, 19 June 2022: With reference to our earlier communication on 18 November 2021, 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.
Escorts and Kubota Corporation, Japan ('Kubota') had decided to strengthen their partnership aligned to their vision of global leadership in farm mechanization and spreading farming prosperity.
Kubota has increased its equity stake in Escorts to 44.8 percent 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
According to Nikhil Nanda, CMD, Escorts Kubota Limited, “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."
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 & enhanced farm productivity needs."
About Escorts
Escorts (Market Cap: $3 Billion) is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades. Escorts endeavours to transform lives in rural and urban India by leading the revolution in agricultural mechanization, modernization of railway technology and transformation of Indian construction.
About Kubota
Kubota Corp. (Market Cap: $24 Billion) is a global manufacturing company, specializing in agriculture, water, and living environment products, with a worldwide network spread over100 countries. Kubota's research and development values thorough hands-on approach. As an agricultural and water expert, we challenge and attain the future of food, water, and the environment, realizing our customer's needs. Through proactive management, user-friendly products, and stable support, Kubota has been a leader in global agriculture and water-related industries.