MILAN Oct 1 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)
UPDATE 1-Iran says extension of sanctions act shows U.S. unreliable
DUBAI, Dec 3 A U.S. Senate vote to extend the Iran Sanctions Act (ISA) for 10 years shows the world that Washington cannot be relied upon to act on its commitments, Iranian Foreign Minister Mohammad Javad Zarif said on Saturday.
Airbnb, New York City settle rental law lawsuit
NEW YORK, Dec 2 Airbnb Inc and New York City said on Friday they had resolved a lawsuit brought by the company challenging a law it argued could expose it to significant penalties for advertising short-term apartment rentals.