CCI approves acquisition of equity in Escorts by Japan's Kubota Corporation

Competition Commission of India (CCI) said that it has approved the acquisition of certain additional equity by Japan's Kubota Corporation in Escorts Limited.

Kubota seeks to acquire 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 (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, CCI said.

Japan-based Kubota is a comprehensive agriculture product manufacturer and offers various machinery such as tractors, combine harvesters, and rice transplanters. Kubota also offers engineering, procurement, construction to maintenance, contributing to safety and security of water.

(With inputs from ANI)