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Friday, Oct 11, 2002

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Tata Engg raises stake in Concorde to 49 per cent

Our Bureau

MUMBAI, Oct. 10

FOLLOWING the approval from the Reserve Bank of India, Tata Engineering and Locomotive Company Ltd has increased its equity in Concorde Motors Ltd (CML) to 49 per cent through the purchase of Jardine International Motors (Mauritius) Ltd's holding in CML.

The Tata group had earlier announced that it was buying Jardine Motors' 50 per cent stake in its joint venture dealership company, Concorde Motors Ltd, set up to market Indica. Concorde Motors Ltd was set up as a 50:50 joint venture between the Tata group and Jardine Motors about five years ago.

In the new structure, Tata Engineering will hold 49 per cent stake, Tata Industries Ltd 44.4 per cent stake and Tata Finance Ltd 6.6 per cent.

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