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Tadano to Establish Joint Venture to Manufacture and Sell Cranes in India

Tadano Ltd. (hereinafter 'Tadano' or the 'Company') is pleased to announce the establishment of a Joint Venture (JV) with Escorts Limited (hereinafter 'Escorts Ltd.'), a local crane manufacturer in India, in order to increase sales within the Indian market and to enhance the competitiveness of the Tadano Group.

1. Circumstances Surrounding the Joint Venture
Tadano has set a long-term goal of becoming No.1 worldwide in the lifting equipment industry and has been making efforts to further expand its business operations and share overseas. In 2012 Tadano established Tadano India Pvt. Ltd. with the aim of selling Tadano-made products and providing services for them in the Indian market. Through Tadano India Pvt. Ltd. Tadano conducts sales and services of mobile cranes in the region.
Tadano has agreed to the establishment of a JV with Escorts Ltd., a prominent Indian manufacturer of agricultural machinery and construction equipment, in order to further expand Tadano operations within the growing market of India and to advance the Company as a whole. Through this, Tadano aims to not only increase the sales of Tadano products but also to enhance our competitiveness by designing and manufacturing products locally.

2. Overview of Joint Venture

Establishment To be registered during September 2018.
Operations to begin in November 2018.
Location Faridabad, Haryana, India
Capital 600 million Indian Rupees
(Investment ratio: Tadano = 51%, Escorts Ltd. = 49%)
Business Areas Sales, manufacturing and R&D of mobile cranes
Sales Projection 1,215 million Indian Rupees in 2023 (Estimated)

Notes:
1. Overview of Escorts Ltd.
   1) Company Name: Escorts Ltd.
   2) Location: 15/5 Mathura Road, Faridabad, Haryana, India
   3) Business Areas: Agricultural machinery, construction equipment, sales & after service
   4) Representative: Nikhil Nanda, Chairman & Managing Director of Escorts Limited.
   5) Number of employees: 3,729
   6) Sales: 50 billion and 8 hundred million Indian Rupees in 2017

2. Photo of an Escorts Ltd. product (rough terrain crane)

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