Tatas to acquire Daewoo Commercial

By SiliconIndia   |   Wednesday, 18 February 2004, 08:00 Hrs
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SEOUL: Tata group has agreed to acquire South Korea's Daewoo Commercial Vehicle for $104 million, officials said on Wednesday.

Daewoo Commercial said it would be controlled by the group's truck unit, Tata Motors.

"A contract will be signed on Wednesday in a ceremony attended by Tata Motors head Ravi Kant," spokesman Kim Hyon-Gon said.

Daewoo Commercial has been under court receivership since it was spun off from Daewoo Motor, once South Korea's second largest auto firm, in November 2002. Daewoo Motor has been sold to US auto giant General Motors.

"I hope Daewoo Commercial will be reborn as a competitive entity with this deal," Daewoo Commercial president Chae Kwang-Ok said in a statement.

In 2003, Daewoo Commercial produced 4,672 trucks and posted 265 billion won in sales.

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