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siliconindia | Thursday, 17 December 2020, 09:16 Hrs
Indian automobile major Tata Motors Ltd on Thursday said it would buy the 49 per cent stakes of Marcopolo S.A. in the bus and coach making joint venture Tata Marcopolo Motors Ltd for Rs 99.96 crore.
In a regulatory Tata Motors said as a consequence of its refreshed business strategy, Marcopolo S.A has decided to exit from the joint venture and offered to sell its 49 per cent shareholding in Rs 170 crore capital Tata Marcopolo to it.
According to Tata Motors, the two companies have entered into a share purchase agreement whereby the former will purchase the balance 49 per cent shareholding in the Rs 650.55 crore Tata Marcopolo for a cash consideration of Rs 99.96 crore.