Escorts to sell stake in Carraro India for 20 mln euros

New Delhi, Aug 30 (UNI) Escorts Ltd today said it would divest its entire shareholding in Carraro India Ltd to its Italy-based joint venture partner Carraro ''The Board of Directors has given its consent for divestment of its shareholding in Carraro India Ltd to joint venture partner, Carraro S p A, for Euro 20 million,'' a company statement said.

An in-principle understanding has been reached between the company and Carraro S p A for the deal, which is subject to signing and execution of the share purchase agreement and supply agreement.

The board have also in-principle approved an Employees Stock Option Scheme for its employees, the statement added.

UNI SBA CS ND1836