Tata Motors today signed a binding Memorandum of Understanding (MoU) with the Daewoo Commercial Vehicle Company Limited, (DWCV) Korea, for the acquisition of the company. The MoU was signed by Ravi Kant, executive director — commercial vehicle business unit and Praveen P. Kadle, executive director — finance and corporate affairs on behalf of Tata Motors and by Kwang Ok Chae, receiver of DWCV on behalf of the company. The transaction is expected to close in the next two to three months, subject to a final due diligence of DWCV’s operations, the negotiation of further agreements and the receipt of applicable regulatory approvals in India and Korea.