Escorts changes name to Escorts Kubota as Japan firm raises stake though open offer

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Nikhil Nanda continues to be the chairman and managing director of the company.

Escorts and Kubota Corporation, Japan had decided to strengthen their partnership aligned to their vision of global leadership in farm mechanization and spreading farming prosperity, it added.

In December last year, shareholders of Escorts Ltd approved the preferential allotment of nearly 94 lakh shares to Japan's Kubota Corporation.

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According to Nikhil Nanda, CMD, Escorts Kubota Ltd, "Our partnership with Kubota in Escorts Kubota Ltd 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 Limited at a time when we can combine our strengths to provide advanced farm mechanisation solutions to address global food security & enhanced farm productivity needs."

Shares of Escorts Ltd ended at Rs 1,579.75, down by Rs 17.75, or 1.11 percent on the BSE.

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