Escorts Ltd, one of India’s leading engineering conglomerate and Tadano Group, one of Japan’s biggest and leading mobile crane manufacturer, announced their joint venture to manufacture rough terrain cranes and truck mounted cranes. The joint venture will strengthen Escorts’ technology leadership and market presence in the material handling equipment space.
The JV will leverage the cost effective frugal Indian engineering excellence of Escorts and one of the world leading Japanese technology from Tadano to cater to an expanding market for heavier capacity and efficient truck & RT cranes and sophisticated truck mounted and rough terrain cranes in the 20 to 80 tonnage category. The 51:49 joint venture will enable both partners to optimise their current and future capabilities in the segment globally. The JV will aim to take leading position in the high tonnage crane segment in medium to long term.
Speaking on the occasion, Nikhil Nanda, Chairman and Managing Director, Escorts Ltd., said, “Escorts’ vision has always been to bring the world’s best to India and take India’s best to the world. The new joint venture with Tadano Group is a step towards catering to market demand for smarter, safer and bigger mechanized infrastructure solutions in the higher tonnage category. We are confident that the joint venture will enable us to tap the opportunity market segments and reinforce our leadership in construction equipment space.”
Koichi Tadano, President and CEO, Tadano Ltd., Japan, said, “We are pleased to announce our partnership with Escorts group. Escorts has a strong technology legacy and diversified portfolio in construction equipment market and Tadano has a proven global technology and together we will cater to India and other growing economies which require safe, efficient & quality products and smarter construction technology.”
Production by the joint venture is expected to commence at Faridabad in the third quarter of this financial year itself. The product offering will find a ready market with big construction companies servicing oil refineries, metro rail projects, smart city construction, solar power projects and alike.