Tata Motors is going for a second block closure in this month at its Pune plant from where it rolls out passenger cars and commercial vehicles. The company will have a four-day block closure from August 28 to 31. The company had a three-day block closure on August 3.
Tata Motors had earlier indicated that the external environment remains challenging, leading to demand contraction and they have aligned production to actual demand and adjusted the number of shifts and contractual manpower.
PUNE: With the automobile industry slipping into a gorge with no visible sign of revival in the near future, Tata Motors, India’s top automaker by revenue, and Mahindra and Mahindra (M&M), the country’s largest utility vehicle maker, have decided to cut production at some of their plants.
India’a largest commercial vehicle and leading carmaker, Tata Motors Ltd (TML), has internally announced a block closure for three days starting today, 8 August, at its production plants in Pimpri (Pune) and Jamshedpur. Mint also learns that Tata Motors’ luxury car unit, Jaguar Land Rover (JLR), is also observing the block closure for three days starting today, in an attempt to cut down the volumes of locally assembled models.
Rating agency Icra on Monday downgraded non-convertible debenture programme, long-term loans, long-term fund-based facilities and long-term non-fund-based facilities to (Icra) AA- (negative) from (Icra) AA (negative).
While short-term debt programme, commercial paper programme and short-term non-fund-based facilities have been reaffirmed at (Icra) A1+. Data from Bloomberg showed that, total debt of Tata Motors stood at `1.06 lakh crore as on March 2019.
Tata Power and Tata Motors on Friday forged a partnership to install 300 fast charging stations by the end of this financial year in five key cities — Mumbai, Delhi, Pune, Bengaluru, and Hyderabad. The move will help in accelerating faster adoption to electric vehicles (EVs) in a market where an almost non-existent charging infrastructure has been one of the biggest deterrents.
Tata Motors on Tuesday said its shareholders have approved appointment of N Chandrasekaran as director on the company’s board. He is chairman of Tata Motors. In a regulatory filing, the company also said Nasser Munjee, Vinesh Kumar Jairath and Falguni Nayar have ceased as independent directors upon completion of their terms.
Tata Motors chairman N Chandrasekaran on Tuesday said that the company is examining various options around its UK-arm Jaguar and Land Rover (JLR), which has been hit by volume slowdown and mounting losses, including meeting multiple private players and looking for partnerships in China to lessen the financial burden on the group’s bottom line.
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