India, Dec. 17 -- Tata Motors announced that the company has signed an agreement to purchase the balance 49% shareholding from the joint venture partner, Marcopolo SA in Tata Marcopolo Motors (TTML) for a cash consideration of Rs 99.96 crore.
Post the purchase, TMML will become a wholly owned subsidiary of the Company. All technologies pertaining to existing bus body products manufactured will continue to vest with TMML. In addition as part of the transition, Marcopolo S.
A. will continue to license the Marcopolo trademarks to TMML for a minimum of 3 years with a non-compete provision in India for a corresponding period. The transaction will not result in any impact on TMML's operations or the continued sales and service of the Company's ...