15 May, 2015
As part of its business expansion plan, TMT Joint Stock Company signed a Distribution Agreement ("DA"), Supply Agreement and Technology License Agreement ("TLA") with Tata Motors Ltd., India. The agreements will enable TMT to become the official distributor of select Tata Motors commercial vehicles, as well as expand its vehicle assembly business and distribution network in Vietnam.
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. The signing of the strategic and dynamic partnership would also pave the way for a mutually beneficial collaboration between Tata Motors and TMT JSC, offering various synergies for all parties involved.
"It is indeed an honour for us that Tata Motors, known to be among the world’s top truck and bus manufacturers, to have chosen to partner with TMT JSC to start this new chapter in their engagement with the Vietnam market. We at TMT JSC, intend to establish the TATA Motors brand here, and promote its products and services, providing the best customer experience," said Mr Bui Van Huu, Chairman of TMT.
Mr. Ravi Pisharody, Executive Director, Commercial Vehicles Business Unit, Tata Motors Ltd. said "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 with a wide range of products suited for the Vietnamese market, will be able to offer the customers here an excellent choice, with a blend of high performance, economy and the latest technologies in-built into its products."
Mr. R T Wasan, Head International Business, Commercial Vehicles Business Unit, Tata Motors Ltd. said "We at Tata Motors are delighted to partner with TMT JSC, for the introduction of Tata Motors Commercial vehicles in Vietnam, a company deeply connected with the country’s automobile sector. An important market for us, we are committed to giving customers’ here competitive business advantages, with the trusted credentials of the Tata Motors brand."
The strategic partnership between TMT JSC and Tata Motors is a new beginning for a mutually beneficial relationship between the two companies. The milestone also further signifies TMT’s commitment to its CKD operations in Vietnam, not only strengthening its position in the Vietnamese market, but also in the region.
TMT Motor is leading in Manufacturing, Assembly and Distribution of commercial vehicles in Vietnam. With currently 3S dealer network system, covering almost provinces and cities of Vietnam and TMT MOTOR brand name was selected as one of the 10 most powerful brand name in Vietnam will be very convenient for quickly to bring Tata commercial vehicles to Vietnamese customers and serve all their needs. TMT very confident that, the Tata commercial vehicles, which satisfied European standards andvery high durability will satisfy every Vietnamese consumer expectations. (www.TMTMOTOR.com)
About Tata Motors
Tata Motors Limited is India’s largest automobile company, with consolidated revenues of INR 2,32,834 crores (USD 38.9 billion) in 2013-14. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 8 million Tata vehicles plying in India, Tata Motors is the country’s market leader in commercial vehicles and among the top in passenger vehicles. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.