Finally it comes, although not finalized, but seems the market rumours on 18th June has triggered this Exchange filing. Seems going the Escorts way, (possibly not confirmed) JV with Japanese player first, then possible equity and then finally takeover. Incase of Escorts this took 5+ years from initial JV.
“Pursuant to Regulations 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that we are currently in discussions with KATO WORKS CO LTD., a Japanese global construction equipment manufacturer of Mobile Cranes, Excavators and other equipment (hereinafter referred to as KATO) to establish a joint venture in India, and the two Companies plan to sign a formal contract as soon as they reach an agreement on the terms.” Detailed Exchange Filing on JV Notification Link