Tatas rules out the sale of Jaguar Land Rover, will look for partners
NEW DELHI: Tata Motors , that has Jaguar Land Rover (JLR) said he is open to finding partners for the automaker, but does not plan to sell the unit in conflict. We are not going to sell, he said N Chandrasekaran , President of Tata Sons , the holding company. The car is a core business for us. From the point of view of income, it is our largest company.
Tata Motors bought the maker of the Jaguar XE sedan and Land Rover Discovery SUV from Ford Motor in 2008. After turning it into a cash cow with booming sales in countries like Russia and China, JLR waned to such an extent that it had to launch a 2.5-billion-pound ($ 3.2-billion) savings program and slash thousands of jobs worldwide.
Losses in Tata's auto business have increased with a drop in the country's auto market, as well as problems abroad, including an economic slowdown in China, where car sales are falling, and uncertainty about Brexit .
In an interview with Bloomberg Television on Tuesday, Chandrasekaran said that dealing with tariffs is the new normal for the global auto industry and that negotiations over Britain's exit from European Union they have taken too long Nations are becoming more protective.
While the company will always look for partnerships, it does not want agreements in which we only sell a stake and we have nothing to say, Chandrasekaran said Tuesday in New York. We are not financial investors, Tata Group , we run companies. I am not a Blackstone, I am not a KKR.