Tata Motors to buy partner’s stake in bus joint venture for Rs 100 crore
Tata Motors on Thursday said it would buy out its partner’s stake in bus joint venture (JV) firm Tata Marcopolo Motors for around Rs 100 crore.
“After a successful venture in India, and as a consequence of its refreshed business strategy, Marcopolo S.A. has decided to exit from the JV and offered to sell its 49 per cent shareholding in the JV to the company,” it said in a regulatory filing.
The company will purchase the balance 49 per cent shareholding in Tata Marcopolo Motors (TMML) for a cash consideration of Rs 99.96 crore, it said.
Tata Marcopolo Motors is a 51:49 JV formed in 2006, which has manufacturing facilities in Dharwad and Lucknow.
