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The JV has manufacturing facilities in Dharwad and Lucknow for building bus bodies on chassis supplied by Tata Motors and marketed under the 'Starbus' and 'Starbus Ultra' bus brands.
Date: August 30, 2022
Mumbai - Tata Motors Ltd of Mumbai, has completed the acquisition of its partners stake from Marcopolo S.A. of Rio Grande do Sul in their bus body manufacturing joint venture Tata Marcopolo Motors Ltd.
In December 2020, Tata Motors Ltd and Marcopolo S.A. had entered into an agreement, under which the homegrown automaker had agreed to purchase 49 per cent shareholding of its Brazilian partner for USD12.19mn in the joint venture. The 51:49 JV was formed in 2006.
The JV has manufacturing facilities in Dharwad and Lucknow for building bus bodies on chassis supplied by Tata Motors and marketed under the 'Starbus' and 'Starbus Ultra' bus brands.
Tata Motors but agreed to continue to license the 'Marcopolo' trademarks to TMM for a minimum of three years with a non-compete provision in India for a corresponding period. Consequently, TMML has become a wholly owned subsidiary of the company from August 29, 2022.
