Tata Motors Ltd.(TTM), India's largest auto maker by sales, said Tuesday it has acquired the remaining 79% stake in Spanish bus maker Hispano Carrocera S.A.
Tata Motors bought the additional stake by exercising an existing call option with the other shareholder, Spain's Investalia S.A., the Mumbai-based auto maker said.
Tata Motors had purchased a 21% stake in Hispano in February 2005.
“After the acquisition, the company will further strengthen the ongoing initiatives to improve operational efficiencies such as productivity improvement, cost reduction and new product development to improve market share of the company and enhance brand value,” Tata Motors said.
Source: WSJ