Tata Motors in its recent expansion drive acquired remaining 79 percent stake in Spanish bus and coach making company, Hispano Carrocera. It had acquired 21 percent stake in the Spanish firm in 2005. It acquired remaining stake by the way of exercise of the existing call option through mutual agreement with the other share holder Investalia S.A Spain.
The recent acquisition further cements Tata Motor’s commitment to the company. "This acquisition demonstrates Tata Motors' ongoing commitment to Hispano Carrocera," it said. However, the company did not disclose the size of the deal. The new agreement will improve operational efficiencies such as productivity, cost reduction and development of new products, to increase market share and enhance brand value.
In a meeting held in Madrid, Mr. Ravi Kant, Executive Director- Tata Motors was handed over the share certificates by Mr. Gerardo Mugica, CEO - Hispano Carrocera SA. Also present on the occasion was Mr. Andres Mugica, Director – Operations, Hispano Carrocera SA. Mr. Ravi Kant, Executive Director- Tata Motors was appointed as Chairman of Hispano Carrocera SA.
