New Delhi - India's Tata Motors Ltd Tuesday announced that it had acquired the remaining 79 per cent stake in Spanish bus maker Hispano Carrocera S.A. Tata Motors, which is India's largest automobile company by sales, said it bought the additional stake by exercising an existing call optio with the other shareholder, Spain's Investalia S.A.
The Mumbai-based firm had purchased a 21 per cent 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.
"Tata Motors is confident that Hispano will now emerge as an even stronger force in the Spanish as well as global bus and coach markets," it added.
Tata had consolidated revenues of 14 billion dollars in the financial year upto March 31, 2009.
The company, which produces ultra-cheap cars like Nano and has luxury brands like Jaguar and Land Rover in its stable, has operations in Britain, South Korea, Thailand and Spain.
