Fair trade regulator CCI has approved the acquisition of certain additional equity in Escorts Ltd by Kubota Corporation. The transaction involves Kubota’s acquisition of 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’s norms, as per reports.
Kubota is an agriculture product manufacturer and offers various machinery. It also offers engineering, procurement and construction to maintenance, among others. Escorts is engaged in the business of manufacturing and sale of agri-machinery, construction equipment and railway equipment in India.