New Delhi, Dec 18: Tata Motors, India`s largest
automobile company, on Monday said it has entered into a joint
venture with Thailand`s Thonburi automotive assembly plant co
to build, assemble and sell pick-up trucks in that country.
The joint venture would make vehicles at Thonburi`s
manufacturing facility. It would go on-stream in a year`s
time, Tata Motors said in a statement.
The Indian company will hold 70 per cent of the equity
and Thonburi 30 per cent. The new venture would help Tata
Motors tap Thailand, the second largest market for pick-up
trucks in the world after the US, it added.
"Introduction of Tata Motors pick-up vehicles and a
manufacturing facility in Thailand provide a unique
opportunity to the company. We believe the joint venture will
make meaningful impact in this most competitive market for
pick-up vehicles," Tata Motors chairman Ratan Tata said.
As per the agreement, both partners would jointly manage
the operation for production and marketing of the product to
be sold in Thailand and also exported to other potential
markets in the region, the statement said.
"The cooperation with Tata Motors offers Thonburi the
opportunity to expand our business portfolio. Tata vehicles
have dominated the Indian commercial vehicle market for
decades and the company is now aiming for a stronger presence
internationally. The new pick-up truck will be the right
product for both domestic and export markets," Thonburi
managing director Robru Viriyaphant, said.