Tatas pick up 60 pc stake in Spanish firm

MUMBAI: Sealing its second acquisition in a week, Tata group company, Telcon, on Friday said that it has signed a deal for acquiring a 60 per cent stake in Spanish company, Comoplesa Lebrero SA.

An agreement was signed with existing shareholders of Comoplesa, a construction equipment company, to acquire 60 per cent stake in the company, Telcon said in a press release issued here.

The balance 40 per cent will be retained by the existing shareholders who will continue to be associated with the venture, the release said.

Telcon (Telco Construction Equipment Company), a subsidiary of Tata Motors, had acquired over 79 per cent stake in another Spanish company, Serviplem SA, last week. Tata Motors had also acquired the British luxury brands Jaguar and Land Rover on March 26.

Tata Motors holds a 60 per cent stake in Telcon with the remaining 40 per cent held by Japan's Hitachi Construction Machinery Company.

Telcon, Hitachi and Lebrero would work together to identify opportunities and leverage their presence in the global market, Telcon Managing Director Ranaveer Sinha said in the release.

The acquisitions would not defocus Telcon from its core business in India, he added. It would help Telcon strengthen and add relevance to last week's Serviplem deal, Sinha added.