UPDATE 1-India's Escorts to sell stake in Carraro India

Newswire

MUMBAI, Aug 30 (Reuters) - Tractor and motorcycle maker Escorts Ltd. said it would sell its 49 percent shareholding in Carraro India to joint venture partner Carraro S.p.A. of Italy for 20 million euros. The money would be used to pay off debt and reduce interest cost, Executive Director and Chief Operating Officer Nikhil Nanda told Reuters on Wednesday. Escorts decided to sell off the stake "because the company wants to focus on three core areas - tractors, construction equipment and ...

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