Kubota to own majority stake in Indian peer Escorts

Politics Economy

Major agricultural machinery maker Kubota Corp. will obtain a majority stake in Indian peer Escorts Ltd. as a step toward becoming a main player in the country's tractor market. Kubota said it has agreed with Escorts to boost its ownership up to 53.50 percent with a fresh investment of up to 93.7 billion rupees ($1.26 billion), from the 9.09 percent stake the Osaka-based company acquired last year for about 16 billion yen. The additional shares of Escorts, based in Faridabad in the northern state of Haryana, are scheduled to be acquired through a third-party allotment and open offer bids by Ma...

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