New Delhi : Escorts Limited on Thursday said, it has received requisite approvals for the name change of the Company from “Escorts Limited” to “Escorts Kubota Limited” with effect from June 9, 2022.
Kubota Corporation, Japan (Kubota) has increased its equity stake in Escorts to 44. 8% by subscribing to new equity shares and through an open offer to the public shareholders of Escorts and also becoming a joint promoter of the Company along with existing promoters, the Nanda family, whose shareholding in the Company remains unchanged and Mr. Nikhil Nanda continues to be the Chairman and Managing Director (GMO) of the Company.
“Our partnership with Kubota in Escorts Kubota Limited 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” said Nikhil Nanda, CMD, Escorts Kubota Limited.
Mr. 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.”