India's Tata Motors buys out Spain's Hispano

India's top vehicle maker by sales has bought full control of leading Spanish bus company Hispano Carrocera SA, said a statement received here Wednesday.

The company, part of the giant tea-to-steel Tata Group, lifted its stake in Hispano to 100 percent from 21 percent by exercising a call option or right to purchase, the statement by Tata Motors said.

No details were disclosed about the price paid.

"Tata Motors is confident that Hispano will now emerge as an even stronger force in the Spanish as well as global bus and coach markets," Tata Motors said.

Tata Motors, which last year bought loss-making British motoring icons Jaguar and Land Rover, has owned a stake in Hispano Carrocera since 2005.

Cooperation gave Tata access to Hispano's design and technology in bus manufacturing.

The Spanish company is one of Europe's main bus and coach manufacturers.

"This acquisition demonstrates Tata Motors? ongoing commitment to Hispano Carrocera," Tata Motors said.

Tata Motors is India's largest vehicle company, with consolidated revenues of 14 billion dollars in 2008-09. It is the world's second-largest bus manufacturer and fourth-largest truck manufacturer.