Tuesday, October 14, 2008

Tata Motors acquires Miljo Grenland

I had in a earlier post talked about how I like the way Tata Motors has and is in the process of evolving into a global auto major with both geographical diversity and expanded product portfolio covering cars, trucks, buses, earth moving equipment etc.

A step in the process has been a small ticket acquisition that they announced today.
From the Business Standard
Tata European Technical Centre plc, a UK-based subsidiary company of India's third largest passenger vehicle manufacturer Tata Motors, has today acquired a 50.3 per cent holding in Norway-based Miljo Grenland/Innovasjon, a company specialising in development of electric vehicles, for Rs 9.40 crore.
The balance of shares will be retained by the existing shareholders who will continue to be associated with the venture, the company said in a press release. Miljo will produce electric vehicles based on Tata Motors’ products, besides manufacturing of state-of-the-art super polymer lithium ion batteries and the development of related technologies.
"Tata Motors believes that this investment in Miljo will help the company realise its strategy to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles", stated the release.

Niche acquisition which will enable Tata Motors to expand their electric and hybrid car portfolio. Another piece of the jigsaw falling in place.

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