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Farm equipment maker Escorts on Thursday announced the divestment of its OEM and export business of auto products division to Pune’s Badve Engineering. The company, however, did not disclose the deal size.
The all-cash deal is part of Escorts’ planned strategic reorientation of the business to focus on core verticals in the agri-machinery, construction equipment and railway equipment, it said in a statement.
“We believe that the transfer of OEM and export business to Badve Engineering will help us focus on our core areas. We are delighted that Badve Engineering has stepped in to take the business forward,” Escorts Auto Products & Escorts Railways Products CEO Dipankar Ghosh said.
Escorts’ auto products business comprises an extensive product basket catering to the OEMs and replacement market in India and overseas markets for all vehicle categories including motorcycles, scooters, passenger cars, commercial vehicles, and multi-utility vehicles.
“We are delighted to have acquired a business that has a good market standing and the versatility to produce an extensive range of auto components for various applications,” said Shrikant Badve, Managing Director of Badve Engineering.
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