New Delhi, Aug 11 (IANS): Engineering conglomerate Escorts on Thursday announced the divestment of its OEM (Original Equipment Manufacturer) and export business of auto product division.
According to the company, it has divested its OEM and export business of auto product division to Badve Engineering, Pune, in an all cash deal.
The company said that the deal is part of the planned strategic reorientation of the business to focus on core verticals in the agri-machinery, construction equipment and railway equipment.
“We believe that the transfer of OEM and export business to Badve Engineering will help us to focus on our core areas," said Dipankar Ghosh, Chief Executive Officer of Escorts Auto Products and Escorts Railways Products.
The company's auto products business comprises of an extensive product basket catering to OEMs and replacement markets in India and overseas.