An agreement was signed with existing shareholders of Comoplesa, a construction equipment company, to acquire 60 per cent stake in the company, Telcon said.
The balance 40 per cent will be retained by the existing shareholders who will continue to be associated with the venture, the release said.
Telcon (Telco Construction Equipment Company), a subsidiary of Tata Motors, had acquired over 79 per cent stake in another Spanish company, Serviplem SA, last week. Tata Motors had also acquired the British luxury brands Jaguar and Land Rover on March 26.
Tata Motors holds a 60 per cent stake in Telcon with the remaining 40 per cent held by Japan's Hitachi Construction Machinery Company.
Telcon, Hitachi and Lebrero would work together to identify opportunities and leverage their presence in the global market, Telcon managing director Ranaveer Sinha said.
The acquisitions would not defocus Telcon from its core business in India, he added. It would help Telcon strengthen and add relevance to last week's Serviplem deal, Sinha added.
"Lebrero was already dealing with Telcon over the past four years in sourcing components for its products and this acquisition is expected to only strengthen the association further. Telcon can now look at fully-built machines for global markets," Sinha said.
The release said that Telcon focuses on the construction equipment sector and is ranked 38th in the world on the basis of turnover. It is now aiming to be within the top 25 companies globally by 2012.
Presently, Telcon is setting up a state-of-the-art manufacturing facility, R&D centre and a training school at Kharagpur at an investment of over $150 million, which is expected to be completed by first quarter of 2009, the release added.
