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Home arrow Defence arrow Tata Motors sells 20% stake in Telcon in favour of Hitachi for Rs 1159 cr
Tata Motors sells 20% stake in Telcon in favour of Hitachi for Rs 1159 cr Print E-mail
Written by Vijay   
Wednesday, 31 March 2010
Mumbai: Tata Motors, Hitachi Construction Machinery Co. Ltd. (Hitachi) and Telco Construction Equipment Company Limited (Telcon), a 60:40 joint venture company between Tata Motors and Hitachi, today signed an agreement under which Tata Motors has sold a further 20% stake in Telcon in favour of Hitachi for a consideration of Rs.1159 crores.  Consequently Telcon will be owned 60% by Hitachi and 40% by Tata Motors.

Standard Chartered Bank and AZB Partners acted as Financial and Legal Advisors respectively for the company to this transaction.

Telcon has manufacturing facilities at Jamshedpur, Dharwad and Kharagpur. Its exports operation includes countries in Asia and Africa. The company has two subsidiaries, Serviplem S.A and Comoplesa Lebrero S.A, in Spain. In the FY 2008-09, Telcon reported a gross turnover of Rs.2130 crores and a PAT of Rs.85 crores.

In addition to this Tata Motors has announced the appointment of Mr. Carl-Peter Forster as Managing Director of Tata Motors.

At the meeting of Tata Motors' Board of Directors today, Mr. Carl-Peter Forster was appointed as Managing Director and Group CEO of the Company with effect from April 1, 2010.

This is in continuation of the announcement on February 15, 2010 of the appointment of Mr. Forster as the Group CEO, with overall responsibility of Tata Motors’ operations globally, including Jaguar and Land Rover.

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