CCI approves acquisition of equity in Escorts by Kubota Corporation

Fair trade regulator CCI on Wednesday approved the acquisition of certain additional equity in Escorts Ltd by Kubota Corporation.

The transaction involves Kubota's acquisition of certain additional equity shares of Escorts by way of preferential allotment and a mandatory tender offer in compliance with the Securities and Exchange Board of India's norms, according to a statement.

Kubota is an agriculture product manufacturer and offers various machinery. It also offers engineering, procurement and construction to maintenance, among others.

Escorts is engaged in the business of manufacturing and sale of agri-machinery, construction equipment and railway equipment in India.

"The Commission approves acquisition of certain additional equity shares of Escorts Limited by Kubota Corporation by way of preferential allotment," said the regulator in a tweet.