Escorts & Tadano Sign JV to Manufacture Higher Capacity Mobile Cranes in India
The two giants of Material Handling Industry - Escorts Ltd, India’s leading engineering conglomerate and Tadano Group, Japan’s biggest and world’s leading mobile crane manufacturer, announced their joint venture to manufacture rough terrain cranes and truck mounted cranes in India under a new entity called TEI (Tadano Escorts India). The JV was signed by Nikhil Nanda, CMD, Escorts Limited and Koichi Tadano, President and CEO, Tadano Ltd in New Delhi.
The JV will leverage the cost effective frugal Indian engineering excellence of Escorts and 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 categories.
Moreover, the 51:49 JV between Tadano and Escorts, respectively, will enable both partners to optimize their current and future capabilities in the segment globally. This JV, on one hand, will strengthen Escorts technology leadership and market presence in the material handling equipment space, and, on other hand, will help Tadano achieve a new growth trajectory by expanding the scope of its business to become the world's No.1 manufacturer of Lifting Equipment, a field that, besides cranes, includes a variety of mobile, gravity-defying equipment for aerial work.
Speaking on the occasion, Nikhil Nanda, said, “The new joint venture with Tadano Group marks, a tribute to my father, ex-Chairman (Late) Mr. Rajan Nanda, in whose presence the MoU had been signed. His whose vision was to bring the world’s best to India and take India’s best to the world. The JV 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 opportunities in the market segments and reinforce our leadership in the construction equipment space.”
Commented Koichi Tadano, “Escorts has a strong technology legacy and diversified portfolio in construction equipment while Tadano has a proven global technology. Together we will cater to India and other growing economies with safer, more efficient, superior quality products and smarter construction technology.”
Informed Ajay Mandahr, CEO, Construction Equipment Business, Escorts, “We will start manufacturing 20 to 80 tonnage cranes in the initial stage and production under the JV is expected to commence at Faridabad in the third quarter of this financial year. We are confident that the products will find a ready market with big construction companies servicing oil refineries, metro rail projects, smart city construction, solar power projects and the like.
Published on:
27 August 2018
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