Escorts purchases Polish company through joint venture

Escorts Ltd, India’s third-largest tractor manufacturer, has acquired a taste for acquiring foreign companies. div class=”section0″>div class=”Normal”>NEW DELHI: Escorts Ltd has developed a taste for acquiring foreign companies. On Wednesday, Escorts announced the purchase of 36% of the shares in their European tractor manufacturing JV from the Polish company Farmtrac Tractors. The business is now an entirely owned subsidiary of Escorts. /span>br />br />span style=”” font-size:=””>The transaction, which is anticipated to cost roughly $2 million, is a part of the company’s aspirations to broaden its European clientele and enter the continents of Africa, Asia, and Latin America, all of which are seeing rapid growth. On a sluggish Bombay Stock Exchange (BSE), the Escorts share price increased 1% shortly after the announcement to Rs 75. /span>br />br />span style=”” font-size:=””>The acquisition was carried out by Escorts” wholly-owned US arm Escorts Agri Machinery Inc (EAMG). In order to manufacture and sell agricultural tractors in Europe, Escorts and Farmtrac established a joint venture in 2000. The company, in a statement, stated that Escorts had invested approximately $14 million in the Farmtrac brand and an additional $90 million on upgrading its manufacturing facilities. The acquisition follows EAMG receiving a $8.56 million order from the Ghanaian government. Escorts initially held a 49% stake in the venture, which was later increased to 64% in 2003. Rakesh Chopra, business head for Escorts Ltd., stated: “After the order we recently received from Ghana and this acquisition, we want to actively seek a larger share for Farmtrac tractors in European countries and develop brand equity in international markets.

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