Escorts is now Escorts Kubota
Escorts Limited announced that it has received requisite approvals for the name change of the Company from “Escorts Limited” to “Escorts Kubota Limited” with effect from June 9.
“Escorts and Kubota Corporation, Japan had decided to strengthen their partnership aligned to their vision of global leadership in farm mechanization and spreading farming prosperity,” an official statement said.
It adds, “Kubota has increased its equity stake in Escorts to 44.8% 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 Mr. Nanda, “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 and enhanced farm productivity needs.”