Escorts forms JV with Japan's Kubota to produce high-end technology tractors
The JV will aim to take leading position in domestic and export markets in medium to long term, the companies said.
- Country:
- India
- Japan
Engineering and farm equipment maker Escorts has formed a joint venture (JV) with Japan's Kubota Corporation to produce high-end technology tractors for domestic as well as export geographies, a joint statement issued by the two companies Monday said.
The JV will leverage Kubota's technology and engineering prowess of Escorts to cater to an expanding market for higher efficiency, value-oriented utility tractors for a global leadership position, the statement said.
"With an initial investment of Rs 300 crore, the 60:40 manufacturing joint venture between Kubota and Escorts, respectively, will enable both partners to optimise their current and future capabilities in the segment globally," it added.
The JV will aim to take leading position in domestic and export markets in medium to long term, the companies said.
"Our global JV with Kubota is aimed at a technology-led collaborative growth in domestic and export markets," Escorts Chairman and Managing Director Nikhil Nanda said.
Escorts has a strong technology legacy and diversified portfolio in agriculture equipment solutions market and Kubota has a proven global technology, Kubota Corporation President and Representative Director Masatoshi Kimata said.
"Together we will cater to India and other growing economies which require high-end technology and new age tractors for growing demands of highly mechanised farming," he added.
Kubota group specialises in agriculture, water, and living environment products and has presence in over 100 countries.
Escorts shares were trading 2.72 per cent down at Rs 609.15 on the BSE.
(With inputs from agencies.)
- READ MORE ON:
- Technology
- Definitive Technology
- Educational technology
- Market
- Marketing
- Target market
- Global
- Global Edmonton
- Global Village
- Universal joint
- Ball joint
- Joint replacement
- Domestication
- Domestic animal
- Domestic policy
- Kubota Corporation
- Kubota Corporation President and Representative Director
- Kubota
- Rs 300
- Escorts Chairman and Managing Director Nikhil
ALSO READ
L&T Technology Services (LTTS) Secures Landmark ∼$100 Million Program in Cybersecurity
L&T Technology Services (LTTS) Secures Landmark ~USD 100 Million Program in Cybersecurity
India has democratised technology, therefore 'haves and have-nots' theory can not work here: PM Modi.
Blinken tells democracy summit that technology must sustain democratic values
The Ministry of textiles recognizes Taneira in association with Central Silk Technology Research Institute for the commercialization of Computerized Zari Testing