TATA Motors has announced acquisition of full control of Spanish bus and coach maker Hispano Carrocera by purchasing the remaining 79% stake in the foreign firm.
Although the company did not reveal the deal size, a person having direct knowledge of the matter said it was pegged at nearly Rs 14 crore. Apart from their main plant in Zaragoza, Hispano has a second one in Casablanca, Morocco; combined, they have a production capacity of 2,000 units in a year.
The countryâ€™s largest auto company said in a statement that it bought the shares by exercising its call option with other shareholder Investelia SA Spain. Tata Motors had a 21% stake in the Spain-based company since 2005.
Tata Motors said the acquisition would help strengthen its ongoing initiatives to improve operational efficiencies such as productivity, cost reduction and development of new products, to improve market share of the company and enhance brand value. Hispano would now emerge as an even stronger force in the Spanish as well as global bus and coach markets such as South Africa and Middle East where Tata Motors had strong presence, said the person quoted earlier.
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