Tata Motors has acquired Daewoo Commercial Vehicle Company for $102 million. This piece includes exclusive and perpetual rights to use the Daewoo trademarks in markets in Korea and abroad for the product range of the acquired company. The deal is the latest in a series of failed chaebol units that have sold out since the financial crisis that hit Asia in the late 90s.

Tata Motors, which is India's biggest truck maker, will buy the Korean company by buying new shares to be issued at the end of March, with the deal closing by March 29.

Daewoo Commercial Vehicle was spun off from Daewoo Motor in November 2002. It is the second-largest maker of heavy commercial vehicles in South Korea and has a market share of 26 percent. The agreement follows the completion of due diligence by Tata Motors along the lines of the MoU signed between the two companies on November 5, 2003. This was followed by what was termed a “Special Collective Bargaining Agreement” between the management and union of DWCV.