Escorts plans to raise $70 mln to fund growth

Newswire

MUMBAI, April 26 (Reuters) - Tractor and construction equipment maker Escorts Ltd. plans to raise $70 million, split evenly between convertible bonds and private equity to fund growth, a top official said on Thursday. The company, which notched up a 24 percent rise in tractor sales volume in the quarter to March, plans overseas tie-ups to enter the sub-35 horsepower and more than 85 hp variants to complete its range, Chairman Rajan Nanda said. "We are in talks with several tractor makers ...

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