Home Tata Motors Completes Acquisition of Daewoo Commercial Vehicle Company   Tata Motors Limited on March 29, 2004, completed the acquisition of Daewoo Commercial Vehicle Company Limited (DWCV), Korea. The ceremony to mark the occasion was held at the factory premises of DWCV in Gunsan, Korea, where Kwang Ok Chae, President and Receiver of DWCV handed over the newly allotted shares of DWCV to Ratan N Tata, Chairman, Tata Motors Limited. With the completion of this transaction, DWCV becomes a wholly owned subsidiary of Tata Motors. Kwang Ok Chae would serve as the President and Representative Director of DWCV, once the court receivership of DWCV is terminated. Ratan Tata said, “This is a historic occasion for Tata Motors and Tata Group. I am happy to note that this is the largest acquisition by any Indian company in Korea and I look forward to increasing the TATA Group's presence in this country. Korea is a shining example of what can be achieved with diligence and dedication, and I am sure we will learn a lot from operating in South Korea." Kwang Ok Chae said, on behalf of the employees of DWCV, "It has been a very productive negotiation and all of us are happy to be part of Tata Motors, which is the sixth largest manufacturer of commercial vehicles in the world." Tata Motors, with revenues of over US$ 2.25 billion (FY 2002-03), is the largest company in the TATA Group. Over 3 million TATA vehicles ply on Indian roads, making TATA a dominant force in the Indian automobile industry. DWCV, Korea's second largest heavy truck maker with a modem plant in Gunsan and an annual production capacity of 20,000 medium and heavy vehicles, enjoys a market share in excess of 25 per cent in the Korean heavy truck segment. Both, Tata Motors and DWCV believe that the combined strengths in technology, customer orientation and product development will provide a cutting edge for competing in international markets and create a new powerhouse in the commercial vehicles industry.