Escorts Ltd has announced the
divestment of its OEM & Export business of Auto Product division to Badve
Engineering Ltd., Pune in an all cash deal as a part of the planned strategic
reorientation of the business to focus on core verticals in the Agri-Machinery,
Construction equipment and Railway equipment.
The Auto Products business
comprises an extensive product basket catering to OEMs and replacement market
in India and overseas markets for all vehicle categories including motorcycles,
scooters, passenger cars, commercial vehicles, and multi-utility vehicles.
Dipankar Ghosh, CEO, Escorts
Auto Products & Escorts Railways Products, “We believe that the transfer of
OEM and Export business to Badve Engineering Ltd will help us to focus on our
core areas. We are delighted that Badve Engineering Ltd has stepped in to take
the business forward.”
Shrikant Badve, Managing
Director Badve Engineering Ltd., said, “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.”
ICICI Securities acted as
transaction advisor for the deal.
Source: Escorts Ltd
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