CCI approves acquisition of equity in Escorts by Kubota Corp

04 Feb 2022 CW Team

The Competition Commission of India (CCI) has approved acquiring some of the additional equity of Escorts Limited by Kubota Corporation under Section 31(1) of the Competition Act 2002.

The combination involves the acquisition of some additional equity of Escorts Limited by Kubota by preferential allotment and mandatory tender offer following the Securities and Exchange Board of India (SEBI) Regulations 2011.

Kubota Corporation is a Japanese multinational corporation founded in 1890. The company is a comprehensive agriculture product manufacturer and offers various types of machinery, including tractors, combine harvesters, and rice transplanters. It also provides services related to engineering, procurement, construction, maintenance, contributing to the safety and security of water.

Escorts Limited is an Indian multinational conglomerate that is involved in the manufacturing business and the sale of agri-machinery, construction and railway equipment in India. The company also operates as crop solutions, finance and securities in India through its subsidiaries and joint ventures (JVs).

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Also read: Kubota Corp to raise equity share in Escorts at Rs 2,000 per share

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