Brazil’s bus co Marcopolo exits Tata JV – Times of India
[ad_1]
MUMBAI: Brazilian bus and coach body builder Marcopolo is exiting India by selling its 49% stake in local joint venture to partner Tata Motors for around Rs 100 crore. Marcopolo joined Tata Motors 14 years ago to “extend its presence in the high-potential Indian market”.
But due to a “refreshed business strategy”, it has now decided to exit India and has offered to sell its 49% stake back to Tata Motors.
The joint venture builds bus bodies on chassis supplied by Tata Motors at its manufacturing facilities in Dharwad and Lucknow and the Indian company marketed them under the Starbus brand.
The Brazilian company, however, has allowed Tata Motors to continue to use the ‘Marcopolo’ trademark for another three years in India.
The two partners said that they intend to maintain an open channel for future collaboration opportunities around bus body designs and technical consulting services.
But due to a “refreshed business strategy”, it has now decided to exit India and has offered to sell its 49% stake back to Tata Motors.
The joint venture builds bus bodies on chassis supplied by Tata Motors at its manufacturing facilities in Dharwad and Lucknow and the Indian company marketed them under the Starbus brand.
The Brazilian company, however, has allowed Tata Motors to continue to use the ‘Marcopolo’ trademark for another three years in India.
The two partners said that they intend to maintain an open channel for future collaboration opportunities around bus body designs and technical consulting services.
[ad_2]
Source link
