Tata Motors, on 18
February 2004, signed the investment agreement for acquisition of
Daewoo Commercial Vehicle Company, the second largest truck
manufacturer in South Korea, for approximately $102 million
(Rs.465 crore.)
The price includes
the perpetrual and exclusive right to use Daewoo Trademarks in
Korea and overseas markets for the entire Daewoo product range of
commercial vehicles.
Daewoo has a modern
plant in Kunsan with an annual production capacity of 20,000
vehicles per annum.