Mumbai: Tata group company Telcon today signed a deal to acquire a 60 per cent stake in Spanish construction company Comoplesa Lebrero SA, sealing Tata's second Spanish acquisition in two weeks.
In a press release, Telcon (Telco Construction Equipment Company) said it has signed an agreement with existing shareholders of Comoplesa to acquire 60 per cent stake in the company. The balance 40 per cent will be retained by the existing shareholders who will continue to be associated with the venture, the release added.
Telcon, a subsidiary of Tata Motors, had acquired over 79 per cent stake in another Spanish company, Serviplem SA, last week. Tata Motors holds a 60 per cent stake in Telcon while the remaining 40 per cent is 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.
While the acquisition would help Telcon strengthen the Serviplem deal, Sinha added, it would not affect Telcon operations in India.