COURTESY TOI AUG 4
TaMo to drive in foreign partner in India car biz
Reeba.Zachariah@timesgroup.com
Mumbai:
Tata Motors has set the ball rolling to induct a foreign strategic partner in its India passenger vehicle business by transferring the unit to a wholly-owned subsidiary for Rs 9,417 crore. The flagship of the Tata Group is in talks with multiple automakers, among them European and East Asian, to sell up to 49% stake in its India passenger vehicle business, which accounted for 4% (Rs 10,297 crore) of its turnover in fiscal 2020.
The move to bring in a strategic partner in the India car business comes 12 years after Tata Motors acquired Jaguar Land Rover (JLR) from Ford for $2.3 billion. The deal catapulted the Indian company into the club of the largest automotive players in the world.