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Thursday, Nov 21, 2002

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Corporate - Mergers & Acquisitions

UK parent to buy out Escorts in joint venture

Our Bureau

NEW DELHI, Nov. 20

ESCORTS Ltd has announced that it has signed an agreement to sell its 40 per cent equity stake in Escorts JCB (EJCB) to the UK-based J C Bamford Excavators Ltd.

The divestment would be done partially by buyback of shares and partially by direct purchase from Escorts, subject to approval of the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of India (RBI).

After the acquisition, the shareholding of JCB in Escorts JCB would increase from 60 per cent to 100 per cent.

The divestment of equity in Escorts JCB follows Escorts' decision to exit from non-core areas and instead focus on core businesses such as agri- machinery, healthcare, telecom, construction and road-building equipment.

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