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DRB-Hicom signs deal with Tata Motors
by Cals Tue 10 Sep 2013, 08:05
Published: Tuesday September 10, 2013 MYT 12:00:00 AM
Updated: Tuesday September 10, 2013 MYT 7:52:41 AM
DRB-Hicom signs deal with Tata Motors
PETALING JAYA: DRB-Hicom Bhd, via unit USF-Hicom (M) Sdn Bhd, has signed a distribution agreement with India’s Tata Motors Ltd to distribute selected completely built-up (CBU) and completely knocked-down (CKD) Tata commercial vehicles in Malaysia.
DRB-Hicom told Bursa Malaysia yesterday that the distribution agreement would be for a period of five years, unless it is terminated or renewed in writing.
“The distribution agreement shall be renewed (if any) for a period of five years or such other period to be mutually agreed by the parties,” it said.
“By becoming an exclusive distributor of selected commercial vehicle models of Tata Motors in Malaysia, the DRB-Hicom group would be able to expand its vehicle assembly business and distribution network. As such, the DRB-Hicom group can further strengthen its position in the local automotive industry.”
USF-Hicom is a wholly owned subsidiary of USF-Hicom Holdings Sdn Bhd, which is, in turn, a wholly owned subsidiary of Hicom Holdings Bhd, an effectively wholly owned subsidiary of DRB-Hicom. DRB-Hicom said the commencement of the distribution agreement was subject to conditions precedent, which included the execution of an importation agreement between Tata Motors, USF-Hicom and DRB-Hicom Auto Solutions Sdn Bhd for the importation of the CBU vehicles and CKD components, materials and parts.
Updated: Tuesday September 10, 2013 MYT 7:52:41 AM
DRB-Hicom signs deal with Tata Motors
PETALING JAYA: DRB-Hicom Bhd, via unit USF-Hicom (M) Sdn Bhd, has signed a distribution agreement with India’s Tata Motors Ltd to distribute selected completely built-up (CBU) and completely knocked-down (CKD) Tata commercial vehicles in Malaysia.
DRB-Hicom told Bursa Malaysia yesterday that the distribution agreement would be for a period of five years, unless it is terminated or renewed in writing.
“The distribution agreement shall be renewed (if any) for a period of five years or such other period to be mutually agreed by the parties,” it said.
“By becoming an exclusive distributor of selected commercial vehicle models of Tata Motors in Malaysia, the DRB-Hicom group would be able to expand its vehicle assembly business and distribution network. As such, the DRB-Hicom group can further strengthen its position in the local automotive industry.”
USF-Hicom is a wholly owned subsidiary of USF-Hicom Holdings Sdn Bhd, which is, in turn, a wholly owned subsidiary of Hicom Holdings Bhd, an effectively wholly owned subsidiary of DRB-Hicom. DRB-Hicom said the commencement of the distribution agreement was subject to conditions precedent, which included the execution of an importation agreement between Tata Motors, USF-Hicom and DRB-Hicom Auto Solutions Sdn Bhd for the importation of the CBU vehicles and CKD components, materials and parts.
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