Company History - Escorts
- After partition the Registered office of the Company was shifted
Lahore to New Delhi. The name of the Company was changed from
(Agents) Pvt. Ltd., to Escorts Ltd. upon its conversion into a
- The Company was Incorporated on 21st December, at Lahore. The
Company manufactures motor cycles, tractors, automotive parts,
shock absorbers, agricultural implements, X-rays equipment, heating
- The Company has been functioning as a representative of well-known
foreign manufacturers like M.A.N. Company of the United States,
Ferguson of the United Kingdom and Canada and several others.
- The Company has an all-round sales and service organisation and
put up in conjunction with Garden Reach Workshops, Calcutta, a
service base for servicing ocean going vessels equipped with M.A.N.
promulsion and auxiliary engines. The Company has a network of
all-India dealers for sale of products manufactured by itself and by
- Capital structure reorganised. Equity and `A' Equity shares
converted into one class of Rs 10 each. 200 Pref. shares were
subscribed for. 2,000 Pref. and 17,500 No. of Equity shares
to M/s. Mahle Komm-Ges, West Germany, against supply of machinery
technical know-how. The remaining shares issued as rights. The new
pref. shares redeemable after 5 years from the date of issue at the
- The Company commenced the manufacture of pistons and established
Bahadurgarh, near Patiala, in collaboration with Mahle Komm-Ges Bad
Constatt, West Germany.
- The Company undertook a phased expansion of the installed capacity
pistons from 7,21,000 to 10,80,000 numbers per annum and the
capacity of piston pins from 6,60,000 to 9,90,000 numbers per annum.
- The Company commenced commercial production of X-ray equipment,
railway shock absorbers and heating equipments in technical
collaboration with the Westinghouse Trading Co. (Asia) Ltd., New
Eheimmetall GmbH, West Germany and Eltra K. G., West Germany
- The Company entered into a technical collaboration agreement for
manufacture of transmission and gears for Escort tractors with
Motoimport Warszawal, Poland, by outright purchase of drawings.
- The Company acquired near its existing plant at Faridabad, an area
23 acres together with 55,000 sq. ft. of built-up space at a cost of
43 lakhs for scientific research activities.
- 1,229 Pref. shares in 1968 and 336 Pref. shares in 1969 subscribed
for. In Dec. 1969, 580,608 Bonus Equity shares issued in prop. 1:4.
25,000 9.5% `A' Pref. shares offered to public in Aug.1969
- 580,608 Right Equity shares issued at a premium of Rs 4 per share
the proportion 1:5.
- The Company undertook to set up a 100% export oriented unit for
production of X-ray equipment in the Santacruz project area, in
collaboration with Compagnie General de Radiologie who brought over
Westinghouse Manufacturing Company, under the name CGR India Ltd.,
- 17,41,824 Bonus Equity shares issued in the proportion 1:2.
- 31,35,283 Bonus Equity shares issued on 31-12-1977 in prop. 3:5.
- The following contracts were secured for execution (i) Farm
implements manufacturing plant, (ii) Bicycle assembly plant and
Raw material sold to support PVC plant.
- The Company concluded an agreement with Andhra Pradesh Scooters
to produce Rajdoot motorcycles in their plants at Hyderabad for
distribution in Southern States. The Company was to undertake, in
course, production of scooters for Andhra Pradesh Scooters Ltd., for
distribution in Northern States.
- 50,16,453 bonus equity shares issued in prop. 3:5.
- A new tractor model Escort-345 was introduced in the first quarter
- Towards the end of the year, Escort-355 tractor with three
and 47 HP engine was introduced.
- The Company commissioned a project for the manufacture of 1,50,000
100 cc motor cycles per annum in technical collaboration with Yamaha
- Other products proposed to be manufactured were paddy
a small size tractor in collaboration with Japan, boilers and other
equipment for collection of bio-mass from straw and other
- Government approval was obtained for a new range of road
machinery i.e. paver finishers butimen distributors, aggregate
spreaders, pavement profilers, etc. Approval was sought for the
manufacture of vibratory compactors in collaboration with Dynapac of
- During July the Company issued 20,00,000-15% non-convertible
debentures of Rs 100 each for Rs 20 crores and offered them as
to its resident Indian equity shareholders. The Company allotted a
further 10,00,000-15% debentures to retain the excess subscription.
27.90 crores out of this issue of Rs 30 crores was utilised for
capital and the balance Rs 2.10 crores for normal capital
- The Company undertook expansion of the installed capacity of shock
absorbers to 15 lakh numbers, in technical collaboration with
AG of West Germany. The Company also introduced disk brakes for
- It was proposed to introduce tractors with engine capacity below
1,800 cc for which excise duty exemption was announced.
- The Company entered into a technical collaboration agreement with
Mercury Marine (Brunswick Group), U.S.A. for the manufacture of
outboard motors per annum.
- The Company established facilities for the manufacture of nearly
5,000 line sets of electronic telephone exchanges (EPABX) in
collaboration with Jeumant Schneider of France.
- The Company proposed to manufacture the fuel efficient Citroen 2
CV(6) car in collaboration with Citroen of France.
- During February 15% secured redeemable debentures of the aggregate
value of Rs 5 crores were privately placed with Army Group Insurance
- During June the Company issued 10,00,000-12,5% fully convertible
debentures of Rs 350 each. Out of this, 3,00,000 debentures were
offered to the existing equity shareholders of the Company as rights
proportion 1 Deb.: 71 No. of Equity shares (all were taken up).
- Out of the remaining 7,00,000 debentures, the following debentures
were reserved for preferential allotment; (i) 50,000 debentures to
employees and working directors of the Company and (ii) 1,40,00
debentures to non-resident Indians on repatriation basis. The
remaining 5,10,000 debentures, along with the unsubscribed portion
1,03,085 debentures were offered for public subscription during
- Additional, 2,50,000 debentures were allotted to retain over
subscription. (75,000 debentures to equity shareholders of the
and 1,75,000 debentures to the public).
- As per the terms of the issue, on 31st December, Rs 175 was
into 5 fully paid-up equity shares of Rs 10 each at a premium of Rs
per share and on 30th June, 1988, the remaining Rs 175 was converted
into 5 fully paid-up equity shares of Rs 10 each at a premium of Rs
- 80,26,325 bonus equity shares issued in prop. 3:5 and were
on 30.3.1987. All Pref. shares redeemed on 30.11.1987. 62,50,000
of equity shares allotted (prem. Rs 25 per share) on 31.12.1987 in
conversion of debentures.
- 62,50,000 No. of Equity shares issued (prem. Rs 25/- per share) in
conversion of 12.5% debentures.
- The Company privately placed with financial institutions
35,00,000-14% secured redeemable non-convertible debentures of Rs
each. The debentures are redeemable in three equal instalments on
expiry of the 6th, 7th and 8th years from the date of allotment of
- The new products i.e., 3 cylinder engine tractor and a 50cc Moped
- Escorts 40 H.P. and two models of Farmtrac, VIZ 50 and 60 H.P.
tractors were introduced. The Company combined all synagestic
activities in Escorts group of companies into independent and
- Escorts Tractors Ltd. was merged with the company effective 1st
April. The shareholders issued 3 equity shares of the company for
every two equity shares of erstwhile Escorts Tractors Ltd.
227,75,452 No. of equity shares of the company was allotted.
- Escorts JCB Ltd., Escorts Class Ltd., Escorts Automotive Ltd.,
Escorts Herion Ltd., Escorts Communications Ltd., Escorts
Equipment Ltd., Escorts Finance Investments & Leasing Ltd. are all
subsidiaries of the Company.
- 27,04,226 No. of Equity shares (prem. Rs 130.17) allotted to
promoters on conversion of warrants. 22,775,452 shares allotted to
shareholders of erstwhile Escorts Tractors Ltd.
- The Company proposed to set up a joint venture company with equity
participation from Mahle GmbH (Germany). Piston manufacturing
of the company was proposed to be transferred to the said joint
- The Company has decided to form a joint venture to manufacture
absorbers. Company is at advanced stage of negotiations with M/s.
COFAP of Brazil.
- Company has decided to Spun off Escorts Hospital & Research Centre
into a seperate corporate entity.
- The Escorts Employees Ancillaries Ltd. manufactures carburettors
presently catering to the needs of Rajdoot motorcycles. More
components like nipples, spokes, etc., were being added with
know-how from Japanese manufacturers.
- 56,56,381 No. of equity shares allotted on conversion of warrants
a price of Rs 35 per share. 1,24,059 No. of equity shares allotted
conversion of warrants issued to the shareholders of erstwhile
Tractors Ltd. at a price of Rs 33.33 per share.
- The Company undertook to set up a tractor plant with a capacity of
18,000 tractors p.a. with a total cost of Rs 200 crores at
- The Company has entered into a joint venture with Carraro SPA of
Italy and promoted a joint venture company under the brand name
India Ltd. to manufacture transmission to be used in its higher HP
range of tractors at a cost of Rs 110 crores.
- 83,956 shares issued against warrants of erstwhile Escorts
Ltd. 28,17,456 No. of equity shares issued on conversion of
- Escorts Ltd has recently entered into a joint venture agreement
Yamaha Motor Co Ltd of Japan for setting up a new venture Escorts
Yamaha Motor Ltd (EYML) on the basis of equal participation in
- Escorts has also signed a 50:50 joint venture agreement with Mahle
GmbH of Germany to manufacture automotive and railway pistons,
pins. This venture would take over Escorts existing plant in
- The Rs.2,900-crore Escorts group of companies is setting up a
Rs.250-crore industrial complex at Ranjangaon in Pune.
- Hughes Escorts Communications (HECL) a joint venture between
Network Systems Inc (HNS) and Escorts, announced a tie-up with
Datacraft RPG to market satellite based wide area communications
solutions. Under the agreement, Datacraft RPG will be a marketing
associate, offering HECL's V-sat based communications network as
of the integrated solutions designed for its customers.
- Escorts Ltd. transport and agri-equipment company, is exploring
possibility of tying up with Yanmar of Japan for manufacturing high
speed paddy transplanters in India.
- Escorts Yamaha Motor Ltd. (EYML), launched a brand new motorcycle,
- Escorts Yamaha Motor Ltd (EYML), has been awarded the ISO-9001
certificate by TUV Bayern for its manufacturing facility at
- Carraro India Ltd, a 51:49 joint venture between the $200-million
Carraro SpA of Italy and the Rs 1,650 crore Escorts ltd, has tied up
its entire debt with IFC Washington and Exim bank.
- The company has signed an MoU with Long Manufacturing Inc.
- Close on the heels of the introduction of sporty look Yamaha RXZ
last year, SMM Escorts and Escorts Yamaha Motor Limited (EYML), the
joint venture between Escorts Limited and the Yamaha Company Limited
Japan have launched yet another new model - Yamaha RX-135 - in
- Escorts Limited, the flagship company of the Rs.3,500 crore
Group, which is engaged in the manufacture of tractors, has signed
MoU (Memorandum of Understanding) with an American company at North
Carolina to acquire 49 per cent equity worth $9 million.
- Escorts Yamaha has launched Yamalube, a two-stroke motor oil,
developed by Yamaha Motor Corporation, Japan.
- The Company's turnover declined to Rs.1319.70 crores due to
- The Company launched a new `Powertrac' range of tractors with
improved engine performance, fuel consumption and meeting the
norms not only in the domestic markets but also complying with very
stringent EPA norms prescribed in the USA and other overseas
- 10,96,672 No. of equity shares of Rs.10 each (prem. Rs.25 per
allotted against detachable warrants. 30,00,000 No. of equity
allotted against warrants which were issued to the employees under
on preferential basis. Another 70,505 No. of equity shares of
each (prem. Rs.25 per share) allotted against detachable warrants.
- Escorts Ltd, the second largest tractor manufacturer in the
is set to launch its new tractor, Farmtrack 45, in the US next month
after a silent entry in the domestic markets in August last.
- The fall in profits is mainly due to the labour strike which
for 70 days and resulted in production loss.
- The Company has approved the proposal to divest 24 per cent equity
Escorts Yahmaha Motor Ltd (EYML), a joint venture between Escorts
and Yamaha Motor Co. (YMC), Japan, manufacturing a wide range of
motorcycles in India for the domestic market and exports.
- The Company has launched Esconet Services Limited. This company is
100% subsidiary of Escorts Limited.
- The Company has launched its wheel type crop harvestor.
- ICRA has downgraded the rating assigned to the Rs 75-crore NCD
programme of Escorts Ltd. from `MAA' to `MAA+'. ICRA has retained
`A1+' assigned to the Rs 75-crore commercial paper programme of EL.
- Yamaha Motor Escorts Ltd. the joint venture between Yamaha Motor
Ltd. of Japan and the Delhi-based Escorts group, has launched a new
100cc four stroke motorcycle (Crux).
- The Company will be launching tractors with higher horse power in
range of 60hp - Farmtrac 70 - by end of December, in a bid to push
market share to over 22 per cent. 2001
- On June 13th Escort withdraws from Yamaha JV. Yamaha set to buy
Escorts share in their Indian joint venture, by June 30, Yamaha
becomes the first 100% subsidiary in Asia for the Japanese
- The Rs 3,200-crore, Delhi-based Escorts Group has launched iServ
India Solutions Pvt Ltd, a wholly-owned subsidiary with services to
address the demand for information technology (IT) infrastructure
related corporate solutions.
-Escorts Ltd on July 12, 2002 announced the divestment of its equity
in Escorts JCB Ltd & Escorts Class Ltd in favour of its joint venture
partners, J C Bamford UK and Claas (Germany) respectively.
-Escorts Ltd has entered into an agreement to sell its entire 60%
equity holding in Escorts Class Ltd for a consideration of 13.2
million Euros (approx. Rs.63 crs as per the current exchange rates).
-Escorts Ltd has informed BSE that Mr Mantosh Sondhi, Director of the
Company has expired on October 29, 2002.
-Mr Jahar Sengupta, Director of the company expires.
-Punjab Agro Industries Corporation signs a Memorandum with Escorts
undertake contract farming.
-Escorts successfully implements Oracle e-biz suite to increase the
-The company entered into an agreement with UCO Bank, to provide 100
per cent finance to farmers buying tractors.
-Escorts Ltd sells off its stake in Escorts JCB
-Escorts Boards decides to sell holdings in mobile telecom
subsidiaries to Idea Cellular
-Escorts Ltd has informed that Mr. Anil Nanda has ceased to be
Managing Director of the Company. He will, however, continue to be a
Director and Vice Chairman of the Company.
-Escorts Ltd has tied up with Bank of Baroda, Indo Farm Tractors &
Motors Ltd to beef up agriculture lending
- Anil Nanda, vice-chairman of Escorts and chairman of Goetze, makes
foray into real estate business in which he is investing in his
-Escorts has announced a tie-up with Castrol India for exclusive
supply of engine oils for service refill as well as after market
-Escorts wins $8.5-m tractor order from Ghana
-Escorts Ltd has acquired its Polish joint venture partner, Farmtrac
-Escorts' US subsidiary teams up with SAME Deutz-Fahr Italia
-Escort India is set to manufacture tractors in Bangladesh through a
joint venture with the Nitol-Niloy group.
-Nikhil Nanda takes Charge as Joint Managing Director.
-Escorts launches E-mail Id for investor compliants.
-Escorts Ltd. has signed a MOU with IFFCO, a multi-state Co-operative
-Escorts Ltd flags off 'Jai Kisan Utsav', a pan-India initiative for
the Indian farming community.
-Escorts Ltd. launches FT-60 X-TRA Torque in Punjab and Haryana.
-Escorts wins Indian tractor industry's largest ever order, awarded
US$ 40 million order by Tanzania.
-Escorts Ltd. signs exclusive agreement with European firm for disc
brake system for railway coaches.
-Escorts Ltd appoints S. Sridhar as Chief Executive Officer of Agri
-Escorts Ltd sponsors Tractor Styling and Design contest Farmtrac
-Escorts Ltd launched its high end premium range of Farmtrac tractors
at Sfax the commercial capital of Tunisia.
-Escorts Ltd unveiled its 'Jai Kisan Series' of tractors in Punjab,
Haryana, Rajasthan and Uttar Pradesh.
-Escorts launches New Powertrac Ds-Plus Tractors in Hyderabad
-Escorts ties up with Amul Industries for Mini Tractors.
-Escorts launches India's first Executive Tractor.
-Escorts Ltd announces appointment of Mr. Dipankar Ghosh as Head of
- Escorts Ltd. has appointed Nikhil Nanda as a Managing Director.
- Escorts CIO wins top Information Security Award 14 June 2013
- Escorts launches Crop Solutions, signs MoU with SBI 04 June 2013
- Escorts lanches most powerful & fuel efficient Tractors in
- Escorts ranked 3rd fastest growing company in india by business
- Escorts introduces Next Generation XP Series Engine.
- Escorts own EEPC Excellence Award for Auto Exports 20 February
-Escorts Ltd. - Escorts launches India's first Anti Lift Tractor
-Escorts Ltd. - Escorts Partners With Cognizant to Digitally
Transform its Businesses
- Escorts Ltd display strength in Europe and North America with
launch of New 80 & 90 HP Farmtrac Tractors.
-Escorts develops new products to make rail travel safer.
-Escorts unveils latest global tractor series.