Business Daily from THE HINDU group of publications
Sunday, Sep 03, 2006
Business Daily from THE HINDU group of publications Sunday, Sep 03, 2006 |
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Corporate
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Restructuring Escorts working on plan for core tractor biz Neha Kaushik
New Delhi , Sept. 2 With the company's debt level down to a more manageable Rs 300 crore, Escorts Ltd is learnt to be working out a major investment plan for its core tractor business. According to sources, as part of its initiative to grow its tractor business, Escorts might be looking at setting up units in overseas markets such as Africa and Eastern Europe, apart from increasing productivity at its local plant.
With the sale of 49 per cent shareholding in Carraro India to joint venture partner Carraro S.p.A. of Italy for
Its debt burden was around Rs 1,000 crore last year before it sold Escorts Heart Institute and Research Centre to Fortis for Rs 585 crore.
More in offing
Market analysts, however, said that the ongoing restructuring process might not have been completed as yet, adding that there may be a few more announcements in this direction in the coming months.
As part of its restructuring exercise, Escorts has been monetising investments in its joint ventures and also paying back some of its short-term loans. The company would be focusing on its core businesses of tractor, engineering and construction equipment.
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