Brazil’s Marcopolo S.A., one of many world’s largest bus and coach producers, has agreed to promote its 49% shareholding in Tata Marcopolo Motors Ltd. (TMML) to three way partnership companion Tata Motors Ltd. for ₹99.96 crore in money.
“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% shareholding in the JV to the company,” Tata Motors stated in a press release.
Post the acquisition, TMML will turn into an entirely owned subsidiary of Tata Motors and all applied sciences pertaining to current bus body merchandise will proceed to vest with TMML.
As a part of the transition, Marcopolo will proceed to license the ‘Marcopolo’ emblems to TMML for at least three years with a non-compete provision in India for a corresponding interval, Tata Motors stated.
“The transaction will not result in any impact on TMML’s operations or the continued sales and service of Tata Motors’ customers. The company, Marcopolo S.A. and TMML intend to maintain an open channel for future collaboration opportunities around bus body designs and technical consulting services,” it added.
TMML’s crops in Dharwad and Lucknow construct bus our bodies on chassis equipped by Tata Motors.