According to a regulatory filing, Rakesh Makhija, an independent director and Axis Bank's chairman until October 2023, is another important figure. Makhija took over for Sanjiv Misra in 2019, as the latter's tenure as the bank's non-executive (part-time) chairman ended on July 17.
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The companies enter a share purchase agreement for purchase of Marcopolo’s 49 per cent Published: December 21, 2020 15:20 IANS Marcopolo S.A. will continue to license the Marcopolo trademarks to Tata Marcopolo for a minimum of three years. Image Credit: Supplied
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 (Dh 49.6 million).
In a regulatory filing, Tata Motors said that 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 (Dh84.3 million) capital Tata Marcopolo to it.
Tata Motors to acquire balance stake in Tata Marcopolo Motors ANI | Updated: Dec 17, 2020 12:42 IST
TMML is a 51:49 joint venture formed in 2006 between the Tata Motors and Marcopolo SA, one of the largest bus and coach manufacturers globally.
The joint venture has manufacturing facilities in Dharwad in Karnataka and Lucknow in Uttar Pradesh where it builds bus bodies on chassis supplied and marketed by Tata Motors under the Starbus and Starbus Ultra bus brands.
As a consequence of its refreshed business strategy, Marcopolo SA has decided to exit from the joint venture and offered to sell its 49 per cent shareholding to Tata Motors. The acquisition is likely to complete by February-end.