Tata Motors Ltd, India’s largest commercial vehicles maker, plans to use its newly acquired Daewoo unit to advance on the Korean and overseas markets, a senior company executive said yesterday.

"It is the largest overseas investment in our company’s history and also the biggest in the history of all Indian corporations," said Ravi Kant, executive director of Tata Motors, commercial vehicles division, during a news conference in Seoul yesterday.

Tata Motors signed an agreement to purchase Daewoo Commercial Vehicle Co Ltd, commonly known as DWCV, for about $102 million (118 billion won) last month. The agreement followed the completion of due diligence by Tata Motors as per the memorandum of understanding signed by the companies last November.

DWCV is Korea's second-largest truck maker with annual production capacity of 20,000 medium-size and heavy vehicles.

The purchase will allow the Indian carmaker to use the Daewoo trademark in Korea and overseas for its DWCV lineup. It is the first overseas acquisition by the company.

"Daewoo Commercial Vehicle will take a very important role in our global strategy," Kant said. "Korea has proximity to the Chinese market. We think that the further business plan with DWCV will be very interesting."

Though little known in Korea, Tata Motors is the world's sixth-largest commercial vehicles maker with a commanding 55 percent share of the Indian market. In the nine months ended December, the company's revenue stood at $2.3 billion and net income was $115 million, according to industry sources.

It is also India's second-largest passenger-car maker.