Tata Motors said it has signed a distribution agreement with Apex Greatest Industrial Co Ltd ( AGI), Myanmar, for selling its commercial vehicles and passenger cars in the country.
As part of the agreement, AGI will distribute trucks assembled at the Magwe facility, which the company had set up on behalf of the Myanmar government, and also commercial vehicles and passenger cars directly imported from India, a Tata Motors spokesperson said.
In March 2010, Tata Motors had signed a turnkey contract with state-owned Myanmar Automobile & Diesel Industries Ltd (MADI) for setting up a heavy truck assembly plant at Magwe in central Myanmar.
It was funded by a $20 million Line of Credit from the Government of India. The plant, inaugurated in December 2010, is now operational, the company said.
The plant has a capacity of producing 1,000 vehicles per annum initially and has the flexibility of augmenting up to 5,000 per year, it added.
The distribution agreement was signed by Tata Motors Head — International Business ( Commercial Vehicles) Mr R T Wasan and Tata Motors Head — International Business (Passenger Vehicles) Mr Johnny Oommen on behalf of the company and Chairman of AGI Myanmar Mr U Kyi Thein.
At 9.22 am, Tata Motors was trading at Rs282.40, up by 2.10%, with a volume of 1.49 lakh shares on the BSE.
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As part of the agreement, AGI will distribute trucks assembled at the Magwe facility, which the company had set up on behalf of the Myanmar government, and also commercial vehicles and passenger cars directly imported from India, a Tata Motors spokesperson said.
In March 2010, Tata Motors had signed a turnkey contract with state-owned Myanmar Automobile & Diesel Industries Ltd (MADI) for setting up a heavy truck assembly plant at Magwe in central Myanmar.
It was funded by a $20 million Line of Credit from the Government of India. The plant, inaugurated in December 2010, is now operational, the company said.
The plant has a capacity of producing 1,000 vehicles per annum initially and has the flexibility of augmenting up to 5,000 per year, it added.
The distribution agreement was signed by Tata Motors Head — International Business ( Commercial Vehicles) Mr R T Wasan and Tata Motors Head — International Business (Passenger Vehicles) Mr Johnny Oommen on behalf of the company and Chairman of AGI Myanmar Mr U Kyi Thein.
At 9.22 am, Tata Motors was trading at Rs282.40, up by 2.10%, with a volume of 1.49 lakh shares on the BSE.
....more info