New Delhi: India’s larges automaker by sales revenue, said on Tuesday it has acquired the remaining 79% stake in Spain’s Hispano Carrocera SA.
Tata Motors, which had a 21% stake in the Spanish bus and coach maker since 2005, said it acquired the stake exercising its call option, through mutual agreement with the other stake holder Investalia S.A.
The acquisition will help the company in further strengthening the ongoing initiatives, to improve operational efficiencies such as productivity improvement, cost reduction, new product development, help it improve market share, and enhance brand value.
Positioned in the premium end in the city’s bus and coach market, currently has 10% marketshare in Spain and the acquisition will help it integrate with Tata Motors better and grow the share in that market, said company’s spokesman.
Hispano has two manufacturing units - one in Spain addressing the European market and the other in Casablanca that caters to the North African and Moroccan markets.