TechSamvadDec 22, 2020 17:17:26 IST
Indian car firm Tata Motors Limited on 17 December 2020 introduced that the corporate has signed a share buy settlement the place the corporate will buy the steadiness 49 p.c shareholding from the joint venture (JV) companion, Marcopolo SA in Tata Marcopolo Motors Limited (TMML) for a money consideration of Rs 99.96 crore. TMML will turn out to be a wholly-owned subsidiary of Tata Motors after it purchases the 49 p.c shareholding of Marcopolo SA in the joint venture. Also, all applied sciences pertaining to present bus physique merchandise manufactured will proceed to vest with TMML.
Additionally, as a part of the transition, Marcopolo SA will proceed to license the “Marcopolo” logos to TMML for no less than three years with a non-compete provision in India for a corresponding interval.
TMML is a 51:49 joint venture shaped in 2006. TMML has manufacturing amenities in Dharwad and Lucknow the place it builds bus our bodies on chassis provided by Tata Motors, which markets them below the “Starbus” and “Starbus Ultra” manufacturers.
Tata Motors Limited was established in 1945 and is a $35 billion group. It has 78,906 staff working for it in numerous sectors with over 8,400 gross sales and repair factors. It has additionally offered 961,463 autos to date. This knowledge is for Tata motors Consolidated for the monetary 12 months (FY) 2019-2020.