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Daimler sells its Tata Motors stake
9 March, 2010
BERLIN, March 9 (KUNA) -- Germany's Daimler AG, one of the world's leading auto makers, announced on Tuesday the sale of its full equity in Tata Motors, of India, amounting to 5.34 percent to various investors.
Tata Motors' share price has risen significantly, especially last year, so Daimler will receive a substantial cash inflow of approximately EUR 300 million from the sale of its shares, Daimler spokesman Florian Martens, told reporters in Stuttgart, south Germany.
The deal will generate up to EUR 256 million in net profits which will be accounted for in the first quarter of 2010, Martens said.
He added that Daimler is today in an excellent position to capitalize on the growth potential of the Indian passenger and commercial vehicle markets and continues to intensify its own activities there.
Daimler and its subsidiary Mercedes-Benz sold 3,200 cars in India in 2009, the spokesman added.
The State of Kuwait owns an influential stake amounting to seven percent in Daimler AG.
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