Leading tractor and farm equipment manufacturer Escorts is now Escorts Kubota. The company said it has now received the approvals for the name change.
This follows up to the partners agreement towards strengthening their vision of being a global leader in farm mechanisation. It was last year, when Kubota decided to increase its equity stake in Escorts to 44.8 percent by purchasing new equity shares through an open offer to the shareholders of Escorts and thus becoming a joint promoter of the company along with the Nanda family, whose shareholding has remained unchanged. Nikhil Nand will continues to be the Chairman and MD of the company.
Nikhil Nanda said, “Our partnership with Kubota in Escorts Kubota 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 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.”