Tata Motors Ltd. (TML) on Thursday said that it has entered into a share purchase agreement with Brazilian bus and coach manufacturer Marcopolo SA for buying rest 49 per cent stake in their joint venture (JV) Tata Marcopolo Motors Ltd. (TMML) for a cash consideration of Rs 99.96 crore, Tata Motors said in a regulatory filing.
“Tata Motors and Marcopolo SA have entered into a share purchase agreement where the company will purchase the balance 49 per cent shareholding in Tata Marcopolo Motors Ltd. for a cash consideration of Rs 99.96 crore. Post the purchase, TMML will become a wholly owned subsidiary of the company,” the company said in a BSE filing.
Tata Motors said that the acquisition will be completed by February 28, 2021. Tata Marcopolo Motors was formed in 2006, a 51:49 JV between Indian multinational automotive manufacturing company and Marcopolo SA, one of the largest bus manufacturers globally. 
The JV was one of the first bus manufacturers which introduce low-floor passenger buses for public transport operations in Delhi and Mumbai, among other cities. The low-floor passenger buses are more comfortable for passengers to step in as it has lower ground clearance compared with that of regular buses. The buses were manufactured at Tata Motors’ production facility at Lucknow and Dharwad where bodies of buses were built on the chassis supplied by the homegrown commercial vehicle (CV) manufacturer and then marketed under its Starbus and Starbus Ultra brands.