NEW DELHI: Tractor maker Escorts plans to float a joint venture in China to sell and service tractors in collaboration with a local company. We are planning to create a joint venture in China for selling and servicing tractors there. Our Chinese venture will be in collaboration with a Chinese company,” Business Head Escorts (Agri Machinery Group) Rakesh Chopra told PTI.
Escorts, which has joint ventures in the US and Poland, will replicate the same model for the Chinese market.
The company”s proposed move was aimed at tapping the burgeoning Chinese tractor market.
Asked how long it would take to fructify the Chinese venture and the amount to be invested there, he said “it will be too early to specify the time frame or the amount to be invested there”.
The Nandas-promoted Escorts is flush with funds from a spate of divestments in the recent past.
In the US, Escorts has joint venture firm Long Agribusiness, which the Indian company”s exclusive distributor for agricultural tractors in the US. Escorts’ American subsidiary Escorts Agri Machinery and US-based Long, which is under the supervision of Alvere & Marcell, formed Long Agribusiness. /span / /div / /div