Archive for the ‘Tata’ Category
Wednesday, November 12th, 2008 |
The Gujarat state government will give benefits worth Rs. 95 billion to the Tata Motors project in Sanand. The company has recently shifted its manufacturing operations to manufacture the world’s cheapest car, Tata Nano . The state government shall offer benefits in terms of development of infrastructure, project area and other resources.
Tata Motors will need to pay for the project from 20 years of commencement of the project. The interest rate for the repayment amount will be 0.1 percent. The repayment will be adjusted against the value added tax dues on the company.
Tata Motors plans to develop a “Transport Nagar” near the plant location in Charodi. It also plans to build a township keeping in mind the developing plant and its HR requirements. The government has also pledged to provide hundred acres of land for developing the proposed township.
[via: cartradeindia]
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Tuesday, November 11th, 2008 |
Tata Motors has announced that its commercial vehicle manufacturing plants in Lucknow and Pune will remains closed for six days each. This is being done to cut down on production, to match the current slowdown in demand. Tata employees at both the plants will be given paid leave for the shutdown period. Tata Motors had also, recently, shut down its HCV plant in Jamshedpur for three days.
[Via: indiaautomotive]
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Saturday, November 8th, 2008 |
MDI Air Car Photos….
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Monday, November 3rd, 2008 |
The ruling Left Front indicated that Tata Motors should return the land at Singur to the West Bengal State government. They also indicated that the State government must take steps to promote and set up alternative industries on the land acquired by them.
According to the Left Front, Tata Motors has decided not to utilise the land for their much debated Nano project. Thus, the company should return the land to the state government so that alternative industries can be developed. Moreover, the land that cannot be returned to the farmers, it should be auctioned as per the Land Acquisition Act of India.
“We have asked the state government to go ahead in setting up alternative industries at Singur,” said Biman Bose, Left Front Chairman. “Talks are on in this regard. We are looking into all possibilities for setting up alternative industries at Singur,” reciprocated Buddhadeb Bhattacharjee, Chief Minister, the State of West Bengal.
Tata Motors had shut down the Nano plant amidst growing protests from the farmers in Singur who wanted their land to be returned to them. The protests were led by the Opposition party, Trinamool Congress, headed by Mamata Banerjee.
[Via: cartradeindia]
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Saturday, November 1st, 2008 |
Tata Motors is currently exhibiting the Indica Vista hatchback and Sumo Grande MUV at the ongoing Johannesburg International Motor Show in South Africa. The company will launch both these vehicles in the South African market early next year.
Tata Motors is also showing various commercial vehicles in South Africa, including the Ace mini-truck and other trucks, tippers and buses. ‘The Tata Group has a long and cherished association with Africa. We would like to continue this association with our increasing involvement in various important projects and operations,’ said Syamal Gupta, Chairman of Tata International and Director of Tata Sons, the holding company of the Tata Group. ‘South Africa continues to be a strategic market for us. The increasing range of Tata Motors passenger cars and commercial vehicles will further consolidate our strong presence in South Africa,’ he added.
In South Africa, Tata’s range of cars and MUVs is sold through Accordian Investments, a joint venture company in which Tata Africa and Associated Motor Holdings have an equal share holding of 40 percent each, with the remaining 20 percent being held by Ukhamba Holdings Ltd., of the Imperial Group.
According to Manny De Canha, chief executive of Associated Motor Holdings, the Tata brand has received an enthusiastic response from the South African motorist. ‘This is reflected in the 67 full-fledged dealerships already operational across South Africa. We are confident that Tata will continue to be a huge success in South Africa through new models being introduced,’ he says.
[Via: indiaautomotive]
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Saturday, November 1st, 2008 |
Tata Motors has reported a 6.1% increase in revenues (net of excise) to Rs 7,078.85 crore for the quarter ended September 30, 2008, compared to Rs 6,672.65 crore in the corresponding quarter last year. Profit before tax (before notional loss on foreign exchange valuation) was Rs 643.03 crore, an increase of 8.9%, compared to Rs 590.34 crore in the corresponding quarter last year.
After considering notional exchange valuation loss of Rs 285.02 crore (compared to a notional gain of Rs 30.85 crore in the corresponding quarter last year), reflecting the volatility in foreign exchange rates impacting the company’s long-term funds raised through issue of foreign currency convertible (FCC) instruments, profit before tax was Rs 358.01 crore, a decline of 42.4%, compared to Rs 621.19 crore in the corresponding quarter last year. Profit after tax (after notional loss on foreign exchange valuation) was Rs 346.99 crore, a decline of 34.1% compared to Rs 526.84 crore in the corresponding quarter last year.
[Via: indiaautomotive]
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Saturday, November 1st, 2008 |
According to a report on Bloomberg, Tata Motors , due to the global credit crisis, is likely to reconsider its plan to raise US$600 million from overseas markets. The company may also decide to go back on its earlier proposal to list its shares on the Tokyo stock exchange.
By June 2009, Tata Motors needs to raise funds to replace a US$3 billion bridge loan, which the company took to purchase Jaguar and Land Rover . Tata Motors paid US$2.4 billion earlier this year, to buy JLR from Ford.
Last month, Tata Motors closed a rights offering of shares to raise more than Rs 41 billion, to help fund the JLR purchase. The issue was fully subscribed, including Rs 30 billion of investments by the company’s promoters and Rs 3 billion being arranged by the underwriters to the issue.
[Via: indiaautomotive]
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Wednesday, October 22nd, 2008 |
With the Singur debacle, it was almost inevitable that the launch date for the Tata Nano would have to be pushed back by a couple of months. And indeed, it now seems certain that the Nano will miss its earlier launch deadline of November-December this year.
While Tata Motors is struggling to start production of the Nano at its Pantnagar plant (the aim being to produce around 48,000 units per annum from this plant in Uttarakhand), the launch is now likely to happen only in the January-March 2009 quarter.
Tata Motors has, reportedly, asked its vendors to be prepared for supplying components for only 3,500 - 4,000 Nanos on a monthly basis for now. The company, which wants to ensure continuous supply once the car is actually launched, is taking no chances on quality control and will prefer to defer the launch by 2 - 3 months rather than launch the car in a big hurry and then face problems later.
Via: indiaautomotive]
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Tuesday, October 21st, 2008 |
Tata Motors is all set to introduce a first of its kind venture with State Bank of India. The bank and Tata Motors are forging a strategic alliance to avail loans for the buyer’s of world’s cheapest car.
According to this unique strategy, the Nano dealers will accept only SBI cheque towards payments for Tata Nano. Only State Bank of India will avail loans for Tata Nano and those availing loans will have to issue demand draft of SBI in favour of Tata Motors.
An official report regarding such an alliance is still awaited. However, well-placed company sources state that the final negotiations for terms and conditions of such an alliance are already in the process. Tata Motors is looking to exploit the well placed network State Bank of India and its seven associate banks. SBI currently has 11000 branches across the country and the seven associate banks have 2000 more branches.
[Via: indiaautomotive]
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Tuesday, October 21st, 2008 |
A wholly owned subsidiary of Jamna Auto Industries Ltd., Jai Springs Group (JSG) has started production of suspension components for the Tata Nano. JSG, leading suppliers of leaf-springs and parabolic springs for commercial vehicles, are making suspension components for the Nano at their plant in Pantnagar (in Uttarakhand), from where the Nano is slated to roll by the end of this year.
JSG’s plant at Pantnagar will primararily cater to Tata Motors’ requirements for the Ace mini-truck, the Nano, and some of Ashok Leyland’s commercial vehicles. Jamna Auto is reported to have spent about Rs three crore towards setting up this plant and the company plans to increase capacity to 24,000 MTPA by the end of the current fiscal.
[Via: indiaautomotive]
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