Tata Motors, which is announcing its results January 30, is likely to end 2008-09 with around Rs 500 crore (Rs 5 billion) less cash mainly because sales of commercial vehicles, which account for about 60 per cent of its revenues, have dropped sharply.
In yet another major Indian takeover, Religare, a financial services company owned by prominent businessmen Malvinder and Shivinder Singh bought London's oldest stockbroker, Hichens, Harrison & Co on Friday. The deal is seen as another example of India's growing economic clout overseas. Two weeks ago, Tata Motors bought the prestigious Jaguar and Land rover models from Ford.
The India foray of the two brands, which debuted in 1922 and 1948, respectively, has been hastened by their new Indian owner, Tata Motors, which took over in 2008 from Ford Motor Company of the US. The spokesperson said Tata Motors would be the distributor of these brands in India.
Top Indian businessmen are increasingly making investments abroad. They are eyeing acquisitions abroad for a number of reasons including global reach and international market penetration. But the Indian business environment is also a chief cause. Many businessmen regard Indian biz scene stifling & not open enough for free growth. The likes of Vijay Mallya and the Ruias have therefore become technically become non-resident Indians even while they run large businesses in India.
Industrial conglomerate Tata group has spent $ 133 million in advisory fees related to various buyouts in the last two years, according to data compiled by leading global financial information provider Dealogic. The group has acquired as many as 56 businesses with a total volume of $ 20.6 billion in the last two years, accounting for 82 per cent of their total merger & acquisition volume. Since the year 2002 the Tata group has made as many as 106 acquisitions valued at $ 2mn.
Tata Motors, the country's largest automobile company, may tap its vehicle loans to raise funds for working capital and refinancing of loans for Jaguar and Land Rover acquisitions, investors and analysts said.
'Searching for the target with bare eyes was like searching for the needle in the haystack, but due to the technology, we had a clear picture of the seven tents perched against the rocky background on our scopes.'
Considering the fact that Surya is renowned stuntman of Tamil films' Jaguar Thangam's maiden venture, which also marks his son's debut, you ought to have a pretty good idea of what the music would be like. And depressingly, you would be right. Here is music director Jerome Pushparaj's offering.
Tata Motors, India's largest commercial vehicle maker, has postponed plans for an overseas equity issue and sale of investments to repay the $3 billion bridge loan it took in June last year to acquire the Jaguar and Land Rover brands from Ford.
A year after the Tata group took over the two of Britain's most iconic automobile brands, Jaguar and Land Rover, it is faced with newer and bigger challenges than it would have expected when it paid $2.3 billion to Ford for the acquisitions on March 26, 2008.
Despite what the Nano can do to the country's automobile market, its ability to transform Tata Motors' financials will be limited, says Shyamal Majumdar.
Dr Ravi Prakash's 250 vintage car collection includes J R D Tata's 1940 Buick Limousine and a Sunbeam-Talbot used by Lord Mountbatten.
The UK government today approved a grant of pound 27 million to Tata Group-owned Jaguar Land Rover
Tata Motors, which bought Jaguar and Land Rover, said it will reconsider its plan to raise as much as $600 million from overseas markets due to the global credit crisis. The decision also follows a 34 per cent drop in the company's second-quarter profit owing to foreign currency losses and slowing sales.
Former Ferrari technical director and world championship-winning team principal Ross Brawn stepped back into the Formula One arena on Monday in the new role of managing director for motorsport.
The company is still short of over Rs 4500 crore (Rs 45 billion) to refinance the debt which is due before June 2 this year. The company had planned to raise the fund for refinancing through three routes. It planned to raise about Rs 4200 crore through rights issues which it managed after the issue devolved on underwriters in October as the stock prices were tumbling globally following the economic crisis.
Tata is in talks with Embraer, the Brazilian aircraft manufacturer for starting a joint venture for production of aircraft. The aircraft maker is unable to cope up with the orders that it was getting from various countries and private players. Tata had offered setting up of a joint venture with the aircraft giant, which is the only manufacturing firm that makes commercial 120-seater jets. Talks are in the infancy stage but Tata, is a serious contender for the joint venture.
For years, critics termed Tata's vehicle business as a millstone around the neck. But Group chairman Ratan Tata on Wednesday flattened their theory by taking the automobile venture to a new plane with the acquisition of British luxury brands Jaguar and Land Rover.
American carmaker Ford is expected to announce on Wednesday the sale of its premium British car brands Jaguar and Land Rover to Tata Motors for a consideration of about $2 billion. Local media reported that the agreement will include a pledge by Ford to contribute to the two brands' pension fund, and by Tata to continue buying engines from Ford both sensitive points with trade unions.
Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
IT Department asks car dealers to furnish ledgers of all customers who have booked vehicles from November 1.
Jaguar's plan to cut 300 more jobs at its Halewood plant comes at a time when unemployment numbers in the UK have risen to record levels, at 2.38 million.
In London alone there are more than 160 multinational Indian companies. If businesses owned by persons of Indian origin are included, there are over 10,000 Indian owned businesses in London, turning over 7.5 billion pounds, representing 5 per cent of the city's economy.
First time in 13 years the company has declined payment of dividend.
Following it negotiations with Ford Motors for the aquisition of Jaguar and Land Rover, Tata Motors has been put under credit watch.
This rating action follows the announcement by Ford Motor Company (Ford, which has a rating-B3/Stable) naming Tata Motors the preferred buyer for Ford's luxury Jaguar and Land Rover car brands.
With the US economy in a downturn, it could be a while before the Jaguar and Land Rover business turns around. For the first half of 2008, JLR has posted losses of $383 million on sales of $ 7.07 billion, a disclosure that saw the Tata Motors stock fall 5 per cent on September 23.
The appliance maker seeks to buy Motorola's ailing cell-phone division to complement its telecom business; critics say it's not a good fit
India's largest automotive group said it had received 203,000 pre-paid orders worth Rs25bn ($507m) for the Nano, the world's cheapest car, which it put on sale for a 16-day booking period which ended on April 25.
DLF is paying $200m for a controlling stake in Amanresorts. The deal comes at a time when Indian automotive companies Tata Motors and Mahindra & Mahindra are bidding for Ford's luxury Jaguar and Land Rover marques.
Coventry-based Nick Seale of the Warwick Manufacturing Group believes that the takeover will also be of global and historic significance. Seale said: "When the history of the motor industry is written, they will look back on this event as one of the key turning points.
Both pilots bailed out and there was no report of any casualty, official sources said.
Just hours after returning to Mumbai, Ravi Kant, managing director, and C Ramakrishnan, CFO of Tata Motors addressed the press on a conference call. Excerpts from the call.
Apart from a pavilion of vintage cars, there will be a Bollywood corner
Sachin Tendulkar, Virat Kohli, Katrina Kaif, Ranbir Kapoor and Alia Bhat all turned up at the 13th edition of the gala car fair.
After a string of foreign deals in the last few years, including Tata Motors' purchase of Land Rover and Jaguar brands from Ford for $2.3 billion this year, attempts by Indian companies to acquire assets abroad are increasingly hitting roadblocks. At least, the recent attempts by Indian companies suggest so.
Speaking to MPs from the West Midlands in the House of Commons during his recent visit, Tata said jobs at the research centres at Whitley and Gaydon were secure at least until 2012. A fresh business plan is expected to be drawn up for the company in 2012. Coventry South MP Jim Cunningham told reporters after the meeting that Tata indicated the possibility of employing more workers at the two centres.
Mahindra & Mahindra, the Indian carmaker, confirmed Tuesday that it had pulled out of a $1bn joint venture with Renault and Nissan to set up a factory near Chennai.
Sensex ends belowe 26,800 on domestic concerns.
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