Tata Motors arm signs pact, to acquire controlling stake in Spanish firm
Telco Construction Equipment Company (Telcon), a leader in the construction equipment sector in India, has signed an agreement to acquire controlling stake with 60% equity of Comoplesa Lebrero SA of Spain.
Comoplesa Lebrero SA, located in Zaragoza, is a market leader in Spain with its Lebrero brand in the manufacturing, marketing and servicing of compaction equipment.
The balance 40% will be retained by the existing shareholders, who will continue to be associated with the venture.
However, no financial details were provided by both companies.
Last week, Telcon had bought over 79% stake in Serviplem SA, a global top six player in transit mixers, dry bulk tankers and pumps.
Telcon is a joint venture between Tata Motors and Hitachi Construction Machinery Company of Japan, in which Tata Motors holds a 60% stake, while the remaining 40 per cent held by Hitachi.