Further to intimation dated December 20, 2018, Escorts has informed that Optunia Power Infrastructure, was incorporated as a Special Purpose Vehicle (JVC) by the company as its wholly owned subsidiary (99% holding) and in terms of the JV Agreement executed between Tadano, Japan and Escorts (reference to earlier press release dated August 27, 2018) has presently been funded by joint contribution of Rs 60 crores to the equity share capital of the JVC by both the JV Partners; Tadano, Japan and Escorts in the ratio of 51% and 49% respectively. The JVC shall manufacture rough terrain cranes and truck mounted cranes. The JV will leverage the cost effective frugal Indian engineering excellence of the company and world leading Japanese technology from Tadano, Japan to cater to an expanding market for heavier capacity and efficient Truck & RT Cranes and sophisticated truck mounted and rough terrain cranes in the 20 to 80 tonnage category. The 51:49 joint venture between Tadano and Escorts respectively will enable both partners to optimize their current and future capabilities in the segment globally.
The above information is a part of company’s filings submitted to BSE.
