Tata buys one-third stake in Piaggio Aero

MILAN Wed Oct 1, 2008 1:43pm BST

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MILAN Oct 1 (Reuters) - India's Tata Ltd. (TAMO.BO) has acquired a one-third stake in Piaggio Aero Industries SpA, the Italian aircraft company said on Wednesday.

Financial details were not released.

The move makes Tata one of the main shareholders alongside the Ferrari and Di Mase families and Abu Dhabi's Mubadala Development Co.

The Tata investment consists of purchasing existing shares and a new capital subscription, Piaggio Aero said in a statement.

Tata will have three of the nine seats on the board, and one of the three seats on the management committee. (Editing by Paul Bolding)