According to a report from ETAuto, following a nationwide shutdown in India due to the COVID-19 pandemic, the opening of a factory meant to produce tractors for a joint venture between Kubota and Escorts has been delayed.
With a combined investment of Rs 300 crore ($39.7 million), the factory was slatted to open in June 2020 with a capacity of 50,000 tractors. Now the facility is expected to open in third quarter of the financial year 2020-21.
According to another report from ETAuto, Escorts recently reported a 9.7% increase in consolidated net profit at Rs 127.73 crore ($17 million) for the fourth quarter in its fiscal year 2020. It also reported a 10.8% decrease in tractor sales in its fiscal year 2020.
For a list of all ag equipment manufacturer announcements pertaining to the COVID-19 pandemic, click here.