Tata Motors, India's largest automobile company, on Monday said it has entered into a joint venture with Thailand's Thonburi Automotive Assembly Plant Co to build, assemble and sell pick-up trucks in that country.
The joint venture would make vehicles at Thonburi's manufacturing facility. It would go on-stream in a year's time, Tata Motors said in a statement.
The Indian company will hold 70 per cent of the equity and Thonburi 30 per cent. The new venture would help Tata Motors tap Thailand, the second largest market for pick-up trucks in the world after the United States, it added.
"Introduction of Tata Motors pick-up vehicles and a manufacturing facility in Thailand provide a unique opportunity to the company. We believe the joint venture will make meaningful impact in this most competitive market for pick-up vehicles," Tata Motors Chairman Ratan Tata said.
As per the agreement, both partners would jointly manage the operation for production and marketing of the product to be sold in Thailand and also exported to other potential markets in the region, the statement said.
"The cooperation with Tata Motors offers Thonburi the opportunity to expand our business portfolio. Tata vehicles have dominated the Indian commercial vehicle market for decades and the company is now aiming for a stronger presence internationally. The new pick-up truck will be the right product for both domestic and export markets," Thonburi managing director Robru Viriyaphant said.
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