The Competition Commission of India (CCI) said on Wednesday it has approved the acquisition of certain additional equity by Japan's Kubota Corporation in Escorts Limited.
Kubota seeks to acquire certain additional equity shares of Escorts by way of preferential allotment and a mandatory tender offer in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, CCI said in a statement.
Escorts Limited is engaged in the business of manufacturing and sale of agri-machinery, construction equipment and railway equipment in India. Further, Escorts through its subsidiaries and joint ventures is also engaged in the business of crop solutions, finance and securities in India.
Japan-based Kubota is a comprehensive agriculture product manufacturer and offers various machinery such as tractors, combine harvesters, and rice transplanters. Kubota also offers engineering, procurement, construction to maintenance, contributing to safety and security of water.
( With inputs from ANI )
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