Escorts Ltd to sell RT Crane business to Japanese JV partner Tadano
Escorts Ltd will transfer its existing RT Crane business to the JV as a going concern on a slump sale basis
Escorts Ltd, a leading engineering conglomerate today announced that it has executed the business transfer agreement for transferring the existing RT Crane Business of the company to its Japanese JV partner Tadano.
In August 2018, the partners formed a new joint venture (JV), where Tadano Group would manufacture rough terrain cranes and truck mounted cranes, for an initial investment of Rs 60 crore.
Escorts Ltd had said that the JV will strengthen its technology leadership and market presence in the material handling equipment space. The partnership aimed to leverage the cost effective frugal Indian engineering excellence of Escorts and world leading Japanese technology from Tadano to cater to an expanding market for heavier capacity and efficient truck and RT cranes and sophisticated truck mounted and rough terrain cranes in the 20 to 80 tonnage category.
With today's announcement Escorts Ltd will transfer its existing RT Crane business to the JV as a going concern on a slump sale basis for Rs 35 crore.
RELATED ARTICLES
Continental exits TBR market in India, shifts focus to car and SUV radials
German tyre manufacturer aims to tap the double-digit market growth opportunity for big SUV and luxury car tyres which w...
New ZF SELECT e-drive platform gives EV makers a choice in 100 to 300 kW range
Modular e-drive platform optimally matches 800-volt overall system and components such as the electric motor and power e...
Daimler India CV and BharatBenz deliver 200,000th truck
Daimler India Commercial Vehicles' portfolio includes truck models ranging from 10 to 55 tonnes for a wide variety of ap...