Tata Motors to acquire Marcopolo’s 49% equity in bus-making joint venture
By Jim Gibbins - 1st February 2021
Mumbai - Commercial vehicle manufacturer, Tata Motors Ltd of Mumbai is to acquire the 49% shareholding in Tata Marcopolo Motors Ltd (TMML), the Indian body building joint venture belonging to Brazilian bus body builder, Marcopolo SA of Caxias do Sul for a cash sum of USD13.88m. TMML was formed in 2006 as a 51:49-owned JV between Tata Motors and Marcopolo.
Following a review, and implementation of a new business strategy, Marcopolo SA says it had decided to exit from the JV by offering to sell its 49 per cent shareholding in TMML to Tata Motors. The JV, which is seen as a successful venture in India by both companies, has manufacturing facilities in Dharwad and Lucknow, where it builds bus bodies on chassis supplied by Tata Motors and sold under the Starbus and Starbus Ultra bus brands.
