Tata Motors inks pact with TMT, forays into Vietnam market
Tata Motors has inked a distribution and supply agreement with Vietnam's TMT Joint Stock Company to mark its foray into the South East Asian country.business Updated: May 15, 2015 21:01 IST
Tata Motors has inked a distribution and supply agreement with Vietnam's TMT Joint Stock Company to mark its foray into the South East Asian country.
TMT Joint Stock Company has signed a distribution, supply and technology licence agreements with the company, Tata Motors said in a statement.
The agreements will enable TMT to become the distributor of selected Tata Motors commercial vehicles, as well as expand its vehicle assembly business and distribution network in Vietnam, it added.
As part of the pact, Tata Motors will supply completely knocked down (CKD) and completely built unit (CBU) vehicles to TMT in Vietnam, enabling TMT to further strengthen its position, in the local automotive industry.
"Our foray into Vietnam is an important step in our continuing journey to become a truly global player and in particular our focus on the ASEAN region after our recent entry into Indonesia, Philippines and Malaysia," Tata Motors Ltd, executive director, commercial vehicles business unit, Ravi Pisharody said.
TMT Chairman, Bui Van Huu said: "It is indeed an honour for us that Tata Motors, known to be among the world's top truck and bus manufacturers, has chosen to partner with TMT JSC to start this new chapter in their engagement with the Vietnam market.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 2,32,834 crore in 2013-14.