Reports from India this morning say Germany’s Daimler is set to sell its long-time stake in Tata Motors.
Daimler, who own a 5.34 per cent stake in the Indian company, gave no comment on a its decision to sell the shares. Estimates put Daimler’s return on the sale at US$429 million (AUD$470 million).
The news comes as Daimler forms a number of new automotive partnerships, recently purchasing shares in both US firm Tesla Motors and China’s BYD.
Despite Daimler’s exit from Tata, the Indian manufacturer continues to perform above expectations. Tata’s stock price has increased 19 per cent since late February, and saw an increase of 0.18 per cent on Monday.