THE TATA group may have to pump in at least $1bn (£670m) to revive premium brands Jaguar Land Rover that was bought by Tata Motors earlier this year, the Economic Times reported today.
Tata Sons, the holding company that holds large stakes in group firms, and unlisted financial services unit Tata Capital are among the options being considered to raise the cash, the newspaper said, quoting unnamed company sources.
"We will do everything in our ability to resource all our operations," the paper quoted a Tata Motors’ spokesman as saying,
Tata Motors paid $2.3bn (£1.2bn) to buy Jaguar Land Rover from Ford Motor Co earlier this year, just as global auto sales began collapsing. adding he declined comment on the size of funds required.
A spokesman for Tata Motors could not be immediately reached by 2 for comment.
Yesterday UK newspaper the Financial Times had reported that Tata Motors had agreed to inject ‘tens of millions of pounds’ into Jaguar Land Rover to prevent an immediate cash flow crisis.
Tata Motors, which has a market value of about $1.5bn (£800m), has dropped 74 per cent so far this year while the main BSE index is down more than half
