Escorts, India’s leading engineering conglomerate and Kubota Corporation, Japan’s biggest and world’s leading tractor manufacturer announced their global joint venture Monday to manufacture high-end technology tractors for domestic and export geographies. The joint venture will leverage leading Japanese technology from Kubota and Indian engineering excellence of Escorts to cater to an expanding market for higher efficiency, value-oriented utility tractors for a global leadership position.
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. The JV will aim to take leading position in domestic and export markets in medium to long term.
Speaking on the occasion, Nikhil Nanda, Chairman and Managing Director, Escorts said, “Escorts is evolving in to a global organisation through strategic technology and manufacturing collaborations. Our global Joint Venture with Kubota is aimed at a technology led collaborative growth in domestic and export markets. With our inherent strengths, distribution and engineering benchmarks, together, we will access global opportunity markets and take a journey to global leadership.”
Masatoshi Kimata, President and Representative Director, Kubota Corporation, Japan, said, “We are excited to announce our partnership with Escorts group. Escorts has a strong technology legacy and diversified portfolio in agriculture equipment solutions market and Kubota has a proven global technology and 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. Jointly, we will consolidate strengths and technology and innovation excellence to emerge as a global leader.”
Escorts is among India’s leading engineering conglomerates, operating in the high-growth sectors of agriculture machinery, material handling, construction equipment and railway equipment. Kubota group is a global manufacturing company, specialising in agriculture, water, and living environment products, with a worldwide network over 100 countries.