Dec 21, 2006
Tractor-maker Escorts Limited is looking for private equity funding to expand its construction equipment unit. The company is not disclosing the size of funding it is seeking but intends to seal the deal by February 2007. For the financial year 2006-06, it posted revenues of Rs. 350 crores. Nikhil Nanda, ED, Escorts said that the company would focus on construction equipment, tractors, railway parts and auto parts as part of its ongoing restructuring. Escorts sold it 49% stake in Carraro India to Italian JV partner Carraro for €20 mn. It had also sold a stake in Escorts Heart Institute and Research Centre to Fortis Healthcare Ltd. Escorts is using the proceeds from stake sales to repay its debts, which earlier stood at Rs. 1100 crores, now at Rs. 580 crores.
Read more in the article from Reuters.com and The Times of India.
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