CCI approves acquisition of 'certain equity' in Escorts by Kubota

New Delhi, Feb 2 (IANS) The Competition Commission of India (CCI) on Wednesday approved the acquisition of "certain additional" equity in Escorts by Kubota Corporation, it said in a statement.The proposed combination 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 mandated takeover rules."Detailed order of the CCI will follow," the fair trade regulator said in the same statement.Founded in 1890, Japanese Kubota Corporation is a comprehensive agriculture product manufacturer and offers various machinery such as tractors, combine harvesters, and rice transplanters.Besides, it also offers engineering, procurement, construction to maintenance, contributing to safety and security of water.Escorts is engaged in manufacturing and sale of agri-machinery, construction and railway equipments in India. Further, Escorts through its subsidiaries and joint ventures, is also engaged in the business of crop solutions, finance and securities.
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