Escorts Group Farm Equipment Manufacturer has been renamed Escorts Kubota Limited. The Escorts Group company said it has now sanctioned the approvals for the name change from Escorts Kubota Ltd.
As per the Bombay Stock Exchange (BSE) reports, last year, the Kubota company raised its shareholding by purchasing 44.8 per cent of the equity shares of Escorts Group For that reason, India's leading Escorts Group is now known as Escorts Kubota Ltd.
Both the companies agreed to become partners towards their goal of being global veterans in farm mechanisation. As the Kubota company purchased new equity stakes by an open offer to the Escorts shareholders and became a joint promoter of the Escorts Group along with the Nanda family. After acquiring shares of Escorts Group without changing their shareholding, Kubota became the joint promoter. Nikhil Nanda will continue to be the Chairman and MD of Escorts Kubota Ltd. as earlier.
Nikhil Nanda, Chairman & MD of Escorts Kubota Ltd., said, “All our shareholders and investors have heartily welcomed our partnership with Kubota in Escorts Kubota. Thus, the process was completed smoothly. We are now well balanced at a very interesting time in global history to contribute at much higher levels to India and the world’s probe for food security, sustainable agriculture and smart agriculture.”
Yuichi Kitao, President and Representative Director of Kubota Japan, commented, “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.”
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