CCI approves Kubota Corporation's acquisition of equity in Escorts

04 Feb 2022 CW Team

The Competition Commission of India (CCI), the fair trade regulator, approved Kubota Corporation's acquisition of certain additional equity in Escorts Limited on Wednesday. According to a statement, the transaction involves Kubota acquiring certain additional equity shares of Escorts through preferential allotment and a mandatory tender offer following the Securities and Exchange Board of India (SEBI) rules.

Kubota is an agricultural machinery manufacturer that offers a wide range of products. It also provides engineering, procurement, and construction services, as well as maintenance.

Escorts is an Indian company that manufactures and sells agricultural machinery, construction equipment, and railway equipment.

The regulator said that the Commission approves acquisition of certain additional equity shares of Escorts Limited by Kubota Corporation by way of preferential allotment.

Escorts Limited, a leading engineering firm in India, is a preferred supplier of agricultural and construction equipment in the country. Escorts' presence in high-growth sectors such as agri-machinery, construction and material handling equipment, and railway equipment has helped India's socio-economic growth for seven decades. Escorts is dedicated to contributing to India's growth storey and bringing quality change to people's lives, thanks to in-house research and development centre and collaborations.

Kubota is a large manufacturer of agricultural machinery for both rice and dry-land farming. Kubota water treatment technologies have helped Japan's water supply. For more than 131 years, Kubota has supported Japan's water infrastructure.

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Also read: CCI approves acquisition of equity in Escorts by Kubota Corp

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