Tata Motors Limited, India announced the signing of an agreement for the acquisition of 21% equity stake in Hispano Carrocera SA, the well-known Spanish bus company. In a meeting held in Madrid today, Mr. Ravi Kant, Executive Director- Tata Motors was handed over the share certificates by Mr. Gerardo Mugica, CEO- Hispano Carrocera SA. Also present on the occasion was Mr. Andres Mugica, Director -Operations, Hispano Carrocera SA. Mr. Ravi Kant, Executive Director- Tata Motors was appointed as Chairman of Hispano Carrocera SA.
Tata Motors has a Call Option on the remaining 79% to take its shareholding to 100%. With the signing of the investment agreement, Tata Motors will have the license for technology and brand rights from Hispano Carrocera SA. The 21% equity stake for a total price of Euro 12 million comprises Equity, Debt & Technology Licensing.
Hispano Carrocera is an established and reputed bus and coach manufacturer in Spain enjoying excellent reputation for developing high quality vehicles. It operates in two manufacturing locations namely, Zaragoza in Spain and Casablanca in Morocco, North Africa. Hispano has proven competence in development of buses and coaches. The product designed by Pininfarina has won Bus of the Year awards in their markets.
Speaking on the occasion, Mr. Ravi Kant, Chairman, Hispano Carrocera SA and Executive Director-Tata Motors said, 'This partnership gives both companies an opportunity to use their complementary strengths to create high-class transport solutions for intracity and intercity mass transportation in Spain, India and many other countries around the world'.
Earlier this month, Tata Motors successfully launched its fleet of stylish and contemporary 'Globus' Coaches and 'Starbus' range of buses, for which response has been extremely positive. The Tata branded buses and coaches, available in Diesel and CNG variants, with capacity ranging from 13 to 67 seater, have been developed to meet the exacting requirements of every user group.
About Tata Motors:
Tata Motors, the world's fifth largest medium and heavy commercial vehicle manufacturer, produces more than 150 commercial vehicle models with a range of light, medium to heavy-duty trucks, buses and tractor-trailers. Tata Motors, with annual revenues of over US$ 3.5 billion (FY 2003-04), is a leading flagship company of the Tata Group.
The Tata Group has a leadership position in Engineering, Materials, Energy, Consumer Products, Services and Communication, Hotel and Information Systems. Over 3 million Tata vehicles ply on Indian roads making TATA a dominant force in the Indian automobile industry.
About Hispano Carrocera:
HISPANO is one of the largest manufacturers of bus and coach bodies in Europe with a production capacity of more than 1,000 units a year. We have industrial facilities in 2 countries and have had international commercial relations with more than 50 countries in our history.
We design, develop, produce and commercialise bodies for buses and coaches in collaboration with the most important industrial vehicle manufacturers. The solid alliances achieved with them are the central formula to guarantee creation of the maximum value possible for our customers.
For further information please contact:
Gustavo A. Marqueta-Siibert Larrayad
Manager, Strategy & Corporate Communications
HISPANO CARROCERA, S.A.
gustavo.marqueta@hispano-net.com
Tel. +34 976 720 500
Mob. +34 669 772 392
