Tata Motors on Friday announced setting up of a joint venture with Brazilian company Marcopolo for manufacturing fully-built buses for which a plat will be set up in India with an estimated cost of Rs 200 crore (Rs 2 billion).

"Tatas will hold 51 per cent in the venture while the rest will be with Marcopolo that will set up a new manufacturing facility, which will go on stream in the next 2 months," a Tata Motors spokesperson said.