India’s passenger EV market will hot up in next 3-4 years
Currently Tata Motors held over two-thirds of the country's EV market, but Mahindra & Mahindra and BYD are emerging players in the Indian market.
Tata Motors on Thursday announced that it has signed an agreement to purchase its partner’s stake in bus joint venture (JV) firm Tata Marcopolo Motors (TMML) for around Rs 100 crore.
“… the Company has signed an agreement to purchase the balance 49% shareholding from the joint venture partner, Marcopolo SA in Tata Marcopolo Motors Ltd (TMML),” the company said in a regulatory statement.
The Company and Marcopolo S.A. have entered into a share purchase agreement where the Company will purchase the balance 49 per cent shareholding in TMML for a cash consideration of Rs 99.96 crore, the statement added.
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Tata Marcopolo Motors is a 51:49 JV formed in 2006 between Tata Motors and Marcopolo S.A., one of the largest bus and coach manufacturers globally. Since its incorporation, the JV has introduced several innovative design and concepts helping redefine the premium bus body segment in India.
The JV has manufacturing facilities in Dharwad and Lucknow where it builds bus bodies on chassis supplied Tata Motors. These buses are marketed by the company under the Starbus and Starbus Ultra bus brands, Tata Motors added.
Tata Motors said, consequent to this transaction, TMML will become its wholly owned subsidiary.
Tata Motors said 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 three years with a non-compete provision in India for a corresponding period, it added.
The company, Marcopolo S.A. and TMML intend to maintain an open channel for future collaboration opportunities around bus body designs and technical consulting services, Tata Motors said.
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