Tata Motors, India’s largest vehicles, maker, said on Tuesday it has acquired the remaining 79 percent stake in Spain’s Hispano Carrocera.
“Tata Motors, which had a 21 percent stake in Hispano Carrocera since 2005, has acquired the remaining 79 percent shares in Hispano by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia SA,” the company said.
Tata said it would focus on ‘productivity improvement, cost reduction and new product development’ to improve Hispano’s market share and enhance brand value.
“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.
Based in Zaragoza (Aragon), in Spain, Hispano Carrocera SA is one of the largest manufacturers of bus and coach cabins in Europe.