Home BusinessJLR acquisition a terrific decision: Ratan Tata
Tata Group Chief Ratan Tata today termed the buyout of Jaguar and Land Rover (JLR) as a "terrific decision" and hoped to bring back glory for the luxury brands.
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"We at Tata Motors are proud to have these brands...It was a terrific decision that we took to bid for these two brands and own them," Tata told reporters here after launching the premium brands in India.
"...Together we can make them go back to the glory that they have quite rightly and deservedly had over the years," Tata said.
The company posted a consolidated net loss of Rs 2,505.25 crore for 2008-09, primarily hit by the economic slowdown and fall in sales of Jaguar and Land Rover.
Tata said the two premium brands have a terrific R&D behind them.
"We are going through a downturn today that has an unfortunately somewhat condemned JLR in perception, that perception is very wrong.
"The two brands are terrific brands. There is a terrific R&D behind them. It is for us to manage to put them into products and bring the products into production," he said.
Tata Motors acquired JLR for about $2.3 billion from the US car maker Ford Motor in June 2008.