Expressing satisfaction at Indian conglomerate Tatas' move to pump in money into Jaguar Land Rover, the head of the UK's biggest union Unite, Tony Woodley, has said he expects the Gordon Brown government to offer financial aid to the luxury car maker.
Tony Woodley, joint general secretary of Unite, said that there was little reason for the British government not to act now that Tata Motors had injected more cash. 'I would now be extremely surprised if the government did not give financial support to the company as well and I would be very surprised if it wasn't this side of Christmas. I would be disappointed if there was not confirmation of the availability of a loan or credit guarantees at least,' he said.
With no signs of financial aid coming from the UK government, Indian conglomerate Tatas have agreed to inject "tens of millions of pounds" into its British car company Jaguar Land Rover, says a media report.
Markets ended lower amid volatile trade with Sun Pharma leading the decline.
Responding to a question on whether Tata-owned JLR was in talks with the UK government for a bailout package, Mandelson said it was too early to judge whether the state would be willing to help Jaguar Land Rover, which employs around 15,000 workers.
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.
A financial turnaround in Tata Steel and Tata Motors has come as a shot in the arm for Chandra.
After years of losing money on two of the group's biggest bets - global steel business and domestic passenger cars - there are strong signs of a revival in both businesses.
This mission, tentatively scheduled for 2013, will be the precursor to Indian Space Research Organisation's maiden human spaceflight planned to be launched in 2015. India and Russia signed a Memorandum of Understanding on Joint Activities in the Field of Human Spaceflight Programme during the recent visit of Russian President Dmitry Medvedev.
Jaguar and Land Rover, the UK based carmakers, are to set up dealership networks in India soon as they seek to use ties with Tata Motors, their new owner, to find new markets.
The broader Nifty, after touching a high (intra-day) of 10,555.50 points, finished at 10,539.75, up 84.80 points, or 0.81 per cent.
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.
Indian high commissioner Shiv Shankar Mukherjee has asked the British companies, based in Birmingham and other towns in the West Midlands, to expand and avail of opportunities offered by India.
JLR sees job cut if the situation does not improve.
The S&P BSE Sensex surged 160 points to close at 25,262.
The report says Tata Motors, JLR's new owners, will produce 200-300 less cars by the end of the year. That would be equal to about a week's worth of production for the Jaguar models of XJ and XK.
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.
India's maiden moon mission Chandrayaan-I is set for a late October or an early December launch, according to noted space scientist and former chairman of the Indian Space Research Organisation Krishnaswamy Kasturirangan.The spacecraft, which will carry five Indian and six international experiments, has been assembled and undergoing a series of tests.India has already begun work on the next lunar mission in which space scientists plan to land a rover on moon.
JLR is developing its own autonomous car technologies, which could one day trickle into Tata's more affordable people carriers.
Union Bank of India , a mid-sized state-owned lender, has plans to expand into investment banking to tap a growing global market in which increasingly aggressive Indian companies are acquiring foreign rivals.
Newcastle United midfielder Joey Barton was released from jail on Monday after serving 2-1/2 months of a six-month sentence for attacking a teenager last year.
More than a decade after the iconic race car brand Jaguar was forced to pull out from the gruelling 24-hour Le Mans race, the new owner, the Rs 16,400-crore Tata Motors, is considering a plan to put the brand back on the racing track.
Ratan Tata, chairman of Tata Motors said that rising costs of fuel and raw materials are the biggest worry for the automobile industry. Tata also warned of tough times for the company as its market share slid in the last financial year.
Nano remains a cautionary tale of misplaced ambitions and a drag on profit.
India's largest private sector lender ICICI Bank is looking at possibilities of acquisitions in Britain, Canada or Germany to expand its overseas business.
While noting few top persons have dared to question the ambitions of the country's MNCs, the daily quoted Kotak as saying that he was worried about corporate India's over-reach amid a period of global financial turmoil. Indian companies announced an estimated 240 outbound M&A deals in 2007 worth more than 32 billion dollars, up from less than 200 deals worth less than $10 billion in 2006 and not even $5 billion in 2005.
Some leading Indian companies are likely to see their earnings declining if the Indian currency depreciates further, analysts and finance heads say.
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.
CARTOSAT-3 is a third generation agile advanced satellite having high resolution imaging capability.
"Like Russia and China, JLR would be exploring the Indian market also. A team will be coming to India to study the market," Tata Motors Managing director Ravi Kant told analysts in a conference call. He, however, said the company was not expecting big numbers from the two brands in India.
"The process (of raising the amount) is over. Tata will borrow the money from us (the banks consortium) on Monday and might come with an official announcement in the next few days," a source close to the development told PTI. Tatas had entered into a definitive agreement with Ford to buy Jaguar and Land Rover in March for $2.3 billion. The $3 billion fund raising included Tata Motor's other committements as well.
To up stakes in 'globally active' firms by 3 to 4% this year.
The announcement comes close on the heels of the US publication Conde Nast Portfolio's report that 'Nano' would not be sold in the US. "The model (Nano) won't be sold in the US but has the potential to radically alter the market for manufacturers in India. Tata-inspired followers are already revving up their engines," Conde Nast Portfolio said.
Leading Indian public sector banks State Bank of India, Bank of Baroda and Syndicate Bank are close to committing a part of the $3 billion bridge loan that Tata Motors has to raise to finance the acquisition of Jaguar and Land Rover from Ford.
Broader markets end flat; Auto majors - Tata Motors, MnM lead gains while banks slip.
The UK India Business Council was monitoring the details of all the companies that are approaching the network and forwarding them on to the British Business Angles Association, UKIBC CEO Sharon Bamford said on Friday. Interacting with media after a workshop organised by UKIBC in Pune, Bamford said the business proposals encompassed all sectors of economy, including IT industry.
M&A activity of India Inc has fallen 71 per cent in value terms in the first three months of this calendar year, compared with the same period in 2007. Even though the M&A drive of India Inc has witnessed a slowdown, India Inc's acquisition spree is restless with outbound deals continuing to steal the show. And if experts are to be believed, 2008 will see more outbound deals than inbound ones. Number of outbound deals increased from 12 to 15 since February 2007.
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.
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.
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.
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