Tata Motors on Wednesday (31 August) said that it has completed the acquisition of 100 per cent stake in Tata Marcopolo Motors Limited (TMML) from its joint venture partner Marcopolo.

TMML is a JV formed in 2006 between the Tata Motors and Marcopolo, one of the largest bus and coach manufacturers globally.

Prior to the acquisition, Tata Motors held a 51 percent stake in TMML while the remaining 49 percent was held by Marcopolo.

In December 2020, Tata Motors and Marcopolo entered into a share purchase agreement where the Indian auto major will purchase the balance 49 per cent shareholding in TMML for a cash consideration of Rs 99.96 crore.

Post the purchase, TMML has become a wholly owned subsidiary of the Tata Motors from 29 August 2022.

All technologies pertaining to existing bus body products manufactured will continue to vest with TMML. In addition, as part of the transition, Marcopolo will continue to license the “Marcopolo” trademarks to TMML for a minimum of three years with a non-compete provision in India for a corresponding period, the company said.

TMML has manufacturing facilities in Karnataka's Dharwad and Uttar Pradesh's Lucknow where it builds bus bodies on chassis supplied by the Company and marketed by the Company under the “Starbus” and “Starbus Ultra” bus brands.