Gunsan (South Korea), March 29 (PTI): Tata Motors today completed the acquisition of Korea-based Daewoo Commercial Vehicle Co for $102 million as part of its strategy to become a global player.

“This was the largest acquisition by any Indian company in Korea and I look forward to increasing Tata group’s presence in the country,” Tata Motors chairman Ratan Tata said.

With the formal acquisition, Daewoo Commercial, Korea’s second-largest truck maker, becomes a wholly-owned subsidiary of Tata Motors.

Tata also received the newly allotted shares of Daewoo Commercial, which has a 25 per cent market share, from official receiver Kwang Ok Chae, who will be the president and representative director of the company after the court receivership is terminated. “This is a historic moment for Tata Motors,” he said.

Daewoo Commercial Vehicles’ Gunsan plant was put on the block following the collapse of Daewoo Motors in 2002. The company posted a turnover of $250 million and a net profit of $6 million in 2003.

The acquisition would mark a major commitment on behalf of the Tatas to make Daewoo Commercial an “extremely profitable” company, which would grow both in Korea as well as globally, Tata said.

Allaying employees’ fears, Tata assured that Daewoo Commercial would remain a Korean company managed by Koreans.