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Our Bureau

New Delhi , Aug. 30

Escorts today said that it would sell its 49 per cent shareholding in Carraro India to joint venture partner Carraro S.p.A. of Italy for 20 million euros.

The funds would be utilised to repay part of the company's debt and reduce interest cost.

Carraro India manufactures transmission and axles for tractors.

Sources said that Escorts has signed a purchase agreement with the company to continue sourcing the same.

The divestment would help Escorts focus and expand its core tractor and construction equipment business. With the requisite funds, it would be able to expand productivity to meet domestic and export demand.

The Escort scrip gained 3.6 per cent to close at Rs 87.15 on the BSE on Wednesday.

More Stories on : Mergers & Acquisitions | Stocks | HCV/LCV/Tractors

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