This change will be effective from 1 December 2021.
The company said that Sanjeev Bajaj will be heading the construction equipment business for India as a chief executive from 1 December 2021. He will lead the growth agenda for this business.Bajaj has been with the company for last seven years and has prior experience in construction industry, Escorts said in a statement.
"There is no appointment / resignation of any designated Key Managerial Persons of the Company, and the intimation is being provided as a good governance practice," it added.
The Escorts Group is an Indian engineering company that operates in the sectors of agri-machinery, construction and material handling equipment, and railway equipment.
The company reported 92.8% rise in consolidated net profit to Rs 178.5 crore on a 56.2% increase in revenue from operations to Rs 1,701.8 crore in Q1 FY22 over Q1 FY21.
Shares of Escorts rose 0.14% to Rs 1522.65. The stock hit a high of Rs 1545 and a low of Rs 1508 so far during the day.
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