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Hitachi doubles stake in Tata Motors venture
Staff Correspondent
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To expand scope of cooperation
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MUMBAI:
Tata Motors, Hitachi Construction Machinery Co. Ltd. (HCM) and Telco Construction Equipment Company Limited (Telcon), an 80:20 joint venture company between Tata Motors and HCM, on Friday signed an agreement, expanding their scope of cooperation and partnership with HCM increasing its stake in Telcon from 20 per cent to 40 per cent. Hitachi will pay $44.25 million to Tata Motors for the additional 20 per cent stake.
The new shareholders' agreement signed between the three companies envisages greater cooperation between HCM and Telcon. It includes sourcing, by Hitachi, of components and machines from Telcon, introducing newer products of construction equipment in India, setting up a product development facility in India and making Telcon a part of HCM's global network.
The new arrangement will help Telcon significantly improve its product offerings and make it evolve as a global manufacturing and design hub.
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