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Marcopolo SA exits from JV with Tata Motors
2020-12-19
The venture has been successful in India, more so after it refreshed its business strategy. Marcopolo S.A has decided to exit from the existing joint venture. It has offered to sell its shareholding in the JV of 49% to the company.
The two entities have entered in a share purchase agreement wherein the company will be purchasing 49% of the shareholding in TMML for cash worth Rs 99.96 crore. After this, TMML will be a wholly-owned subsidiary of the company.
Also read: Tata Motors delivers 26 e-buses to Mumbai
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