Escorts denies reports on land deal

Mumbai,Nov 29, 2007: A land transaction where the name of our company and a developer has been covered in certain sections of the media has been incorrectly reported. The above cited news of the purported land sale is perjurious, speculative and has created confusion and sensationalism on the structure and planning of our business.

As a corporate citizen with responsibility to all stakeholders, it is essential for our corporation to respond with clarifications and corrections to the news that has now been read nationwide.

We wish to clarify that there is no real estate transaction and/or negotiations that the company has had with any developer of the country. As a responsible corporation recognising our answerability to regulators, shareholders, employees and suppliers, we would follow the due process of law and equity and undertake transactions which are consistent with our long term business programmes and strategies.

Escorts has been fully and successfully restructured and is focussed on its core businesses of Agri Machinery, Railway Equipment and Auto Component and Construction Equipment. A competent and highly skilled team is managing the above businesses and we are having a positive growth and prosperity.