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Tata Motors to Drive in Passenger Car Business in India


Tata Motors
 has set its plans to induct a foreign strategic partner in its India passenger vehicle business and might transfer its wholly-owned subsidiary unit for Rs 9,417 crore.
Tata Group is in talks with several automakers including European and East Asian companies, to sell as much as about 49% stake in its India passenger vehicle business, which is accounted for 4% to Rs 10,297 crore of its turnover in the financial year 2020. The group has also held its discussions with Geely, Changan and Chery, accounting for 50% partnership in Jaguar Land Rover’s (JLR) China venture. European automaker, France’s PSA was also in talks but the process slowed down due to its merging with Fiat Chrysler.
TML Business Analytics Services subsidiary of Tata Motors will be renamed as Tata Motors Passenger Vehicles and, their would-be fresh issuance of shares to its parent company towards Rs 9,417 crore deal. A top official of Tata Motors said, “The India passenger car business is something that we want to run and hence, we will not hand over majority control of the unit.”
Earlier the group has proved itself to be in the club of the world’s largest automotive players, when it has acquired Jaguar Land Rover (JLR) from Ford for $ 2.3 billion and, now to bring a strategic partner in Indian passenger vehicle business.

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