Escorts and Tadano Group recently announced a JV to manufacture rough-terrain and truck-mounted cranes. The agreement was signed by Nikhil Nanda, Chairman and Managing Director, Escorts, and Koichi Tadano, President and CEO, Tadano, Japan. The JV aims to strengthen Escorts' technology leadership and market presence in the material handling equipment space. It will leverage the cost-effective Indian engineering excellence of Escorts and Japanese technology from Tadano to cater to an expanding market for heavier capacity and efficient truck and RT cranes, and sophisticated truck-mounted and rough-terrain cranes in the 20 to 80 tonne category. The 51:49 JV between Tadano and Escorts respectively will enable both partners to optimise their current and future capabilities in the segment globally and will aim to take a leading position in the high tonnage crane segment in the medium to long term.
Speaking on the occasion, Nikhil Nanda, Chairman and Managing Director, Escorts, said, 'Escorts' vision has always been to bring the world's best to India and take India's best to the world. The new JV with Tadano Group is a step towards catering to market demand for smarter, safer and bigger mechanised infrastructure solutions in the higher tonnage category. We are confident that the JV will enable us to tap opportunity market segments and reinforce our leadership in the construction equipment space.'
For his part, Koichi Tadano, President and CEO, Tadano, Japan, said, 'We are pleased to announce our partnership with the Escorts Group. Escorts has a strong technology legacy and diversified portfolio in the construction equipment market, and Tadano has proven global technology. Together, we will cater to India and other growing economies that require safe, efficient and quality products and smarter construction technology.' Production by the JV is expected to commence in Faridabad in the third quarter of this financial year. The product offering will find a ready market with big construction companies servicing oil refineries, metro-rail projects, smart city construction, solar power projects and alike.