Escorts forms JV with Japanese firm for advanced cranes

Escorts Limited has entered into 49:51 joint venture partnership with Japan’s Tadano group for manufacturing rough terrain cranes and truck cranes. Todano is among the world's leading manufacturer of high quality mobile cranes.
  
These advanced cranes are used in different sectors like Railways, Oil & Gas sector, Mining, Power, Road & Bridges. The combined initial investment amounts to Rs. 60 crores. This JV would enhance Escort’s presence in the material handling equipment segment.
  
In the recent quarter Q1FY19, Escort’s construction equipment revenue grew by 49 per cent YoY and volume grew by 51.8 per cent to 1,345 units. The company’s management has guided growth of 16-18 per cent for FY19 and has planned capex of Rs. 300 crore for FY19.
  
On Monday, the stock of Escort opened at Rs. 891.30 per share and made an intraday high of Rs. 897.20 on the BSE. At 12:36 hours, the stock was trading at Rs. 894 per share on the BSE.