Country's largest auto maker Tata Motors today said it has acquired full control of Spanish bus and coach manufacturer Hispano Carrocera by acquiring the remaining 79 per cent stake in the firm.
"Tata Motors has acquired the remaining 79 per cent shares in Hispano by way of exercise of the existing call option, through mutual agreement with other share-holder, Investelia SA Spain," Tata Motors said in a statement.
Tata Motors had a 21 per cent stake in the Spain-based company since 2005, it added.
"This acquisition demonstrates Tata Motors' ongoing commitment to Hispano Carrocera," it said. However, the company did not disclose the size of the deal.
Tata Motors said the acquisition will help strengthen its ongoing initiatives to improve operational efficiencies such as productivity, cost reduction and development of new products, to increase market share and enhance brand value.
Based in Zaragoza (Aragon), in Spain, Hispano Carrocera SA is one of the largest manufacturers of bus and coach cabins in Europe.
