Tata Motors completes acquisition of Marcopolo’s stake
By MYBRANDBOOK
Tata Motors has completed the acquisition of its partner Marcopolo’s stake in their bus body manufacturing joint venture Tata Marcopolo Motors Ltd (TMML). Consequently, TMML has become a wholly-owned subsidiary of the company.
In 2020, Tata Motors and Marcopolo had entered into an agreement, under which the home-grown automaker agreed to purchase 49 percent shareholding of its Brazilian partner for Rs 99.96 crore in the joint venture.
The JV had manufacturing facilities in Dharwad and Lucknow for building bus bodies on chassis supplied by Tata Motors and marketed under the ‘Starbus’ and ‘Starbus Ultra’ bus brands. The 51:49 JV was formed in 2006.
However, Marcopolo decided to exit from the JV under its refreshed business strategy and offered to sell its 49 percent shareholding in the JV to Tata Motors but agreed to continue to license the ‘Marcopolo’ trademarks to TMML for a minimum of three years with a non-compete provision in India for a corresponding period.
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