Key Developments: Tata Motors Ltd (TAMO.BO)
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Latest Key Developments (Source: Significant Developments)
Tata Motors Ltd's Jaguar Land Rover To Raise INR2,100 Crore (INR21 Billion) To Fund Growth-The Economic Times
The Economic Times reported that Tata Motors Ltd-owned Jaguar Land Rover said it will raise $400 million (over INR2,100 crore) through issue of bonds to support operational costs and future growth plans. The notes will be guaranteed on a senior unsecured basis by Jaguar Land Rover, Land Rover, Jaguar Land Rover North America, Land Rover Exports and Jaguar Land Rover Exports, it added. The net proceeds from the issuance and sale of the notes will be used for general corporate purposes, including to support Jaguar Land Rover's ongoing growth and capital spending plans, the Company said. Full Article
Tata Motors Ltd's JaguarLand Rover Starts Assembly of Two XF Variants in India-DJ
Dow Jones reported that Tata Motors Ltd's Jaguar Land Rover PLC, has started assembling two variants of its Jaguar XF sedan in India, a step that will allow the company sell the model at cheaper prices to local customers. Locally assembled vehicles attract lower taxes in India, compared with fully built imported vehicles. JaguarLand Rover has started assembling the sedan with a 3.0-litre diesel engine at its facility in western India's Pune city. Full Article
Tata Motors Ltd Undertakes Major Restructuring-The Economic Times
The Economic Times reported that Tata Motors Ltd' Managing Director, Karl Slym, has initiated a restructuring exercise with an intent to become by 2020, the second largest car maker in sales and maintain leadership position in the commercial vehicle space in the country. The Company has come out with a common vision statement for two verticals - commercials vehicles and passenger cars, instead of earlier norm of a separate vision statement for both. Tata Motors is also aiming to reposition micro car- Tata Nano to excel consumer perception. With the market going through difficult times, Tata Motors is currently operating a single shift for five days across various plants, the report noted. Full Article
Tata Motors Ltd's Subsidiary Jaguar Land Rover's China Unit To Recall Cars Over Safety Worries-Reuters
Reuters reported that Tata Motors Ltd owned Jaguar Land Rover's Chinese subsidiary will recall 337 cars because of substandard fixings in their brakes and steering boxes, China's national product quality watchdog said. The General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website that Jaguar Land Rover's China unit is recalling 190 cars of 2012 Evoque and Freelander vehicles produced on June 11, 2012. The agency's statement said the recall was prompted by concerns that substandard fixings in the vehicles' rear brake calipers may lead to brakes failing and sudden tyre deflation. The agency said another 147cars of 2012 Evoque and 2013 Evoque vehicles made between October 20, 2012 and September 18, 2012 will also be recalled due to problems in their steering boxes, which contain security risks. Full Article
Tata Motors Ltd To Partially Shut Jamshedpur Plant-Business Standard
Business Standard reported that Tata Motors Ltd would halt production at block here for three days from November 30, 2012, following poor demand. Chandrabhan Singh, general secretary of Telco Workers Union, said the block closure was undertaken as a precautionary as well as cost control measure in view of slump in demand caused by the prevailing slow-down. The Company had produced 5,000 units of vehicles last month against general production figure of 10,000 units per month, Singh said. He said no production had taken place after November 26. Full Article
Tata Motors Ltd Announces Board Changes
Tata Motors Ltd announced that Mr. Cyrus P. Mistry, Deputy Chairman of Tata Sons, has been appointed Deputy Chairman of Tata Motors. He will be the Chairman designate and will take over as Chairman from Mr. Ratan N. Tata on his retirement in December 2012. Full Article
Westport Innovations Inc Signs Development Agreement With Tata Motors Ltd
Westport Innovations Inc announced an agreement with Tata Motors Ltd to develop an engine for light- and medium-duty trucks and buses. Details of the combustion technology are being withheld for competitive reasons. Upon successful completion of the development phase, commercialization is expected to follow, with Westport supplying key natural gas engine components based on the proprietary technology being developed in this program. Full Article
Tata Motors Ltd Plans To Sell INR2 Billion In Bonds-The Economic Times
The Economic Times reported that Tata Motors Ltd is planning to raise INR2 billion ($38.30 million) through 6.5 year bonds at 9.70%.Deutsche Bank is the sole arranger for the issue, the source said. Full Article
Tata Motors Ltd To Sell Nano Merchandise On Ebay Inc-The Economic Times
The Economic Times reported that Tata Motors Ltd has entered into a collaboration with shopping portal Ebay to sell various merchandise, including scale model, watches and pen drives, with the small car's badge. The Nano merchandise on Ebay includes Nano branded Titan watches and dry-fit T-shirts for men and women. Nano shaped pen drives, mouse, scale models, caps and key-chains among others can also be purchased from the portal. Full Article
Tata Motors Ltd Appoints Karl Slym As Managing Director
Tata Motors Ltd announced that the board of directors on August 14, 2012 have appointed Mr. Karl Slym as the Managing Director of the Company with effect from October 01, 2012. Full Article
Tata Motors upgrades existing cars as rivals launch new products
PUNE, India - India's Tata Motors on Wednesday launched eight upgrades of existing models, including a CNG-fuelled version of its low-cost Nano, but said little about plans for completely new vehicles to help reverse sliding car sales in India.
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