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Contract seals Tata Motor purchase of Daewoo Commercial Vehicle

Tata Motors has now signed a contract confirming its 100% takeover of Daewoo Commercial Vehicle, reports the Korea Times.

The announcement coincides with Tata's partner in supplying the CityRover/Indica and Safari SUV to the UK market, MG Rover, apparently making some progress in negotiations over acquiring control of Daewoo's Polish car assembly plant.

Daewoo CV has a 25% share of the Korean truck market, and Tata wants to expand its share of LCV and medium-weight truck sales. Daewoo CV will also take part in Tata's plans to launch a new generation of trucks for the global CV market by 2008.

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