Chapter III

Profile of Tata Motors (India) Ltd.

The chapter presents a brief profile of the Tata Motors (India) Ltd. with

a view to situate the case in its historical context.

3.1 THE TATA GROUP OF COMPANIES

Since the 1950s^ the Tata group of companies had been occupying the

centre-stage in the domain of the Indian corporate sector.^ Across

sectors^ from manufacturing to services and beyond, the Tatas have

spread their wings while setting at the same time a high ethical

standard. The group's handling of the changes unleashed by

liberalization has been a critical factor enabling it to make big strides in

several directions.^ Certain features were distinct within the mode of

operation of the Tata group of companies. First and foremost, the

companies in the group generally prefer a low-key but determined

approach. Second, the group cultivates a wide-angled perspective on

the change process permitting and promoting a great deal of

introspection and discussion in the process of its crafting of the long

term strategy for each one of its constituents. Third, the group is known

for its clearly defined priorities and for rejection of the temptation 'to

jostle for short-term gains'.^

Historically speaking, three major Tata companies had gained critical

mass around the time that India got its independence: Tata Motors,

Tata Airlines the forerunner to Air India and Tata Chemicals. Other big

group entities, among them the Tata Steel, the Tata Power and the

Indian Hotels, throughout were important players in their respective

industry space. After 2000, the Tata companies have extended

operation to different countries around the globe mainly by resorting to

series of mergers and acquisitions.^

The first big acquisition in this phase was by Tata Tea of Tetley back in

2000. In 2004, Tata Motors acquired the heavy vehicles unit of Daewoo

Motors, South Korea; in 2005, Tata Steel acquired the Singapore-based

NatSteel and Tata Chemicals secured a controlling stake in Brunner

Mond Group, UK.^The biggest of the acquisitions came in 2007, when

Tata Steel acquired Corus, the Anglo-Dutch giant, in a landmark deal.

In 2008 Tata Motors added Jaguar and Land Rover brands to its stable.

3.2 TATA MOTORS: HISTORY IN BRIEF

Tata Motors is a constituent of the Tata Group which manages its

share-holding through Tata Sons. The company was established in 1935

as a locomotive manufacturing unit and later expanded its operations

to commercial vehicle sector in 1954 after forming a joint venture

with Daimler-Benz AG of Germany.

Tata Motors Ltd. has grown over the years into a multinational

corporation headquartered in Mumbai, India. Part of the Tata Group, it

was formerly known as TELCO (TATA Engineering and Locomotive

Company). Tata Motors has consolidated revenue of USD 16 billion

after the acquisition of British automotive brands Jaguar and Land

Rover in 2008.

62

It is India's largest company in the automobile and commercial

vehicle sector with upwards of 70% cumulative Market share in the

Domestic Commercial vehicle segment, and a midsized player on the

world market with 0.81 % market share in 2007 according to OICA data.

The OICA ranked it as the 19th largest automaker, based on figures for

2007 and the second largest manufacturer of commercial vehicles in the

world. The company is the world's fourth largest truck manufacturer,

and the world's second largest bus manufacturer. In India, Tata ranks

as the leader in every commercial vehicle segment, and is in the top 3

makers of passenger cars.

The company's manufacturing base in India is spread across

Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar

Pradesh), Pantnagar (Uttarakhand) and Dharwad (Karnataka).

Following a strategic alliance with Fiat in 2005, it has set up an

industrial joint venture with Fiat Group Automobiles at Ranjangaon

(Maharashtra) to produce both Fiat and Tata cars and Fiat powertrains.

The company has established a new plant at Sanand (Gujarat),^

The major events in the history of Tata Motors are presented in Table

3.1 below:

63

Table 3.1: Major Events in the history of Tata Motors

SL. NO.

YEAR MAJOR EVENT

1

2

3 4 5

6 7

8

9 10

11

12

13

14

15

1948

1954

1959

1961

1966

1983

1985

1986

1991

1992

1993

1994

1998

2000

2002

16 2004

17

18

20

21

2005

2006

19 2007

2008

2009

Steam road roller introduced in collaboration with Marshall Sons (UK).

Collaboration with Daimler Benz AG, West Germany, for manufacture of medium commercial vehicles.

Research and Development Centre set up at Jamshedpur

Export Started

Setting up of the Engineering Research Centre at Pune

Manufacture of Heavy Commercial Vehicle commences.

First hydraulic excavator produced with Hitachi collaboration

Production of first light commercial vehicle, Tata 407, indigenously designed, followed by Tata 608.

Launch of the 1st indigenous passenger car Tata Sierra.

Launch of the Tata Estate.

Joint venture agreement signed with Cummins Engine Co. Inc. for the manufacture of high horsepower and emission friendly diesel engines.

Launch of Tata Sumo, LPT 709, Joint venture agreement signed v/ith M/s Daimler - Benz / Mercedes - Benz, Joint venture agreement signed with Tata HolsetUd.,UK

Tata Safari launched, Also Indica Launched

Indica with Bharat Stage 2 (Euro II) compliant diesel engine launched, CNG Buses

Launch of the Tata Sumo'+' Series, Tata Indigo

Tata Motors and Daewoo Commercial Vehicle Co. Ltd. sign investment agreement, and launched heavy duty truck "NOVUS', in Korea, Also in the same year Indigo Marina, Sumo Victa launched, Tata Motors lists on the NYSE

Branded buses and coaches - Starbus and Globus - launched, Tata Ace, India's first mini truck launched

Tata Motors and Marcopolo, Brazil, announce joint venture to manufacture fully built buses & coaches for India & markets abroad

Tata Motors and Thonburi Automotive Assembly Plant Co. (Thonburi), announce formation of a joint venture company in Thailand to manufacture, assemble and market pickup trucks. Launch of Magic, Winger

Tata Motors completes acqulsifion of Jaguar Land Rover, Indigo CS Launched.

Tata Motors launches Nano, Indigo Manza, World Car. Also Launch of premium luxury vehicles - Jaguar XF, XFR and XKR and Land Rover

Source: Annual reports Tata Motors Ltd (various years).

As mentioned earlier, Tata Motors, the first company from India's

engineering sector to be listed in the New York Stock Exchange

64

(September 2004), has already emerged as an international automobile

company. Through subsidiaries and associate companies, Tata Motors

has operations in the UK, South Korea, Thailand and Spain. Among

them is Jaguar Land Rover, a business comprising the two iconic British

brands that was acquired in 2008. In 2004, it acquired the Daewoo

Commercial Vehicles Company, South Korea's second largest truck

maker. The rechristened Tata Daewoo Commercial Vehicles Company

has launched several new products in the Korean market, while also

exporting these products to several international markets. Today two-

thirds of heavy commercial vehicle exports out of South Korea are from

Tata Daewoo. In 2005^ Tata Motors acquired a 21% stake in Hispano

Carrocera, a reputed Spanish bus and coach manufacturer, with an

option to acquire the remaining stake as well. Hispano's presence is

being expanded in other markets.^ In 2006, it formed a joint venture

with the Brazil-based Marcopolo, a global leader in body-building for

buses and coaches to manufacture fully-built buses and coaches for

India and select international markets.'^

In 2006, Tata Motors entered into joint venture with Thonburi

Automotive Assembly Plant Company of Thailand to manufacture and

market the company's pickup vehicles in Thailand. The new plant of

Tata Motors (Thailand) began production of the Xenon pickup truck,

with the Xenon launched in Thailand in 2008. Tata Motors is also

expanding its international footprint established through exports since

1961.^ The company's commercial and passenger vehicles are already

being marketed in several countries in Europe, Africa, the Middle East,

South East Asia, South Asia and South America. It has franchisee/joint

65

venture assembly operations in Kenya, Bangladesh, Ukraine, Russia

and Senegal.

A distinct aspect that was clearly discernible within Tata Motors way of

operation was its focus on development of in-house technological

capabilities. With over 2,000 engineers and scientists, the company's

Engineering Research Centre, established in 1966, has enabled

pioneering technologies and products. The company today has R&D

centres in Pune, Jamshedpur, Lucknow, in India, and in South Korea,

Spain, and the UK. It was Tata Motors, which developed the first

indigenously developed Light Commercial Vehicle, India's first Sports

Utility Vehicle and, in 1998, the Tata Indica, India's first fully

indigenous passenger car. Within two years of launch, Tata Indica

became India's largest selling car in its segment. In 2005, Tata Motors

created a new segment by launching the Tata Ace, India's first

indigenously developed mini-truck.^o

In January 2008, the company unveiled its People's Car, the Tata Nano,

which India and the world have been looking forward to. The Tata

Nano has been subsequently launched, as planned, in India in March

2009. Designed with a family in mind, it has a roomy passenger

compartment with generous leg space and head room. It can

comfortably seat four persons. Its mono-volume design will set a new

benchmark among small cars. Its safety performance exceeds

regulatory requirements in India. Its tailpipe emission performance too

exceeds regulatory requirements. "

66

In May 2009, Tata Motors unveiled its new range of world standard

trucks. These trucks are projected to "match the best in the world in

performance at a lower life-cycle cost". 12

In June 2009, a new range of premium luxury vehicles from Jaguar and

Land Kover were introduced for the Indian market. These include the

Jaguar XF, XFR and XKR and Land Rover Discovery 3, Range Rover

Sport and Range Rover. Besides product development, the R&D wing

in Tata Motors is also focusing on environment friendly technologies in

emissions and alternative fuels. ^

Through its subsidiaries, the company is currently engaged in

engineering and automotive solutions, construction equipment

manufacturing, automotive vehicle components manufacturing and

supply chain activities, machine tools and factory automation solutions^

high-precision tooling and plastic and electronic components for

automotive and computer applications, and automotive retailing and

service operations.

In conformity with the tradition of the Tata Group, Tata Motors is also

committed in letter and spirit to Corporate Social Responsibility. It is a

signatory to the United Nations Global Compact, and is engaged in

community and social initiatives on labour and environment standards

in compliance with the principles of the Global Compact. '*

3.3 CURRENT CORPORATE PROHLE

The current corporate profile of Tata Motors is presented in Table 3.II

67

Table 3.0: Profile of Tata Motors

1. Company Name

2. Year of Establishment

3. Corporate Office

4. Ownership Structure

5. Paid up Capital (on 31.03.09)

6. Market Capitalisation (on 31.03.09)

7. Face Value per share

8. Market Price (on 31.03.09)

9. Product Range

10. Manufacturing Bases

11. Number of Employees (on 31.03.09)

12. Total Turnover (2008-09)

13. Total Exports (2008-09)

14. Operating Profit (2008-09)

15. Net Profit (2008-09)

16. Exports as % of Turnover

17. Current Market Share (2008-09)

18. Global Rank in the Auto (ndustry

Tata Motors Limited

1945

Bombay House, 24 Homi Mody Street, Mumbai

41.73% (*Promoters), 2.74% (Mutual Funds and UTI), 15.43% (Government companies, financial institutions, Banks & insurance companies), 7.13%(Flls), 19.44% (NRIs, Foreign companies & ADRs) and others 13.53%.

5140.50 (Rs In Million)

81104.80 (Rs in Million)

Rs 10 each

Rs 180.30 (Closing)

Mainly H&MCV, LCV & Passenger Car and also engines.

Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand) Dharwad (Karnataka) and Sanand (Gujrat)

24,000 employees

285992.70 (Rs in Million)

33536 units.

10137.60 (Rs in Million)

10012.60 (Rs in Million)

7.71%

26.16% (CV-76.02%, Passenger vehicle-13.82%)

Rank 19"

* Tata Sons Ltd, Tata industries Ltd, Tata Steel Ltd., Daimler Chrysler AG, Citibank NA New York Depository, LICI, The New India Assurance Corporation Ltd., FiD funds Ltd.

Sources : 1. Annual reports Tata Motors Ltd (Various Issues).

2. Society of Indian Automobile Manufacturers (SIAM) Statistical Profile 2006- 2007, New Delhi

3. Automotive Component Manufacturers Association of India Statistics 2008. New Delhi

4. Economic Times, 01/04/2009, Wednesday, pp-20.

5. Business Standard, 01/04/2009, Wednesday, Section2, pp-5.

68

3.3.1. GROWTH OF TURNOVER

The trend of growth of Tata Motors annual sales is shown in Chart 3A.

From Chart 3A it is clear that throughout the study-period Tata Motors

annual sales had been steadily increasing. Total sales of the company

comprising both commercial vehicles and passenger cars which were

only Rs. 609.65 crore in 1980-81 went up to Rs. 20217.42 crore in 2004-05

and thereafter to Rs. 32521.83 crore in 2007-08. Although sales

marginally declined to Rs. 28599.27 crore in 2008-09 in the wake of

recessionary trends in the developed countries^ the exponential trend

curve suggests that the average annual growth in sales during the

period from 1980-81 to 2008-09 has been around 14.4 per cent.

Tata Motors Annual Sates

35000 -I o" 30000 2 25000 ^ 20000 ^15000 S 10000 « 5000 2!^^

Annual Sales

0 -Mi*i*?*r*:*^ •1—I—I—\—r

5> S>^ . ^ ^ . S ^ . S ^ . ^ . 5 6 (V ^ ^^ oSi' d2)' t&> t& cS>' <§?' C^' << ' C^' C^'

K ^ K<^ K<^ K ^ K<^ K<^ ^ r ^ r ^ r ^ ><y ^c- NT- \ - ' NT-

Year

Chart 3A: Annual Sales of Tata Motors (in Rs. Crore)

In fact during the year 2008-2009, the company was able to consolidate

its position as a market leader in the domestic market and improve its

market share from 62.2% to 63.8% during the year. The company

gained considerable market share in both the M&HCV as well as LCV

69

segments in the domestic market. While, LCV volumes grew by 3.0%

during the year driven primarily by the new products launched in the

preceding year, M&HCV volumes declined by 31,4%, due to the impact

of slowdown in industrial activity. Although the sales in the domestic

market declined in 2008-09 by 4.8% over the previous year, the

Company continued to be amongst the top three players in the Indian

passenger vehicle market with a market share of 13.82% (only Tata

Cars).

Tata Motors Commercial Vehicles sales (in numbers)

B 400000 2 350000 I 2 300000 I « 250000 o « 200000 o .2 150000 0 "5 100000 1 ^ 50000 -•••••* 5 0 '

Commercial vehicle sales in Number

nHiHi.nnm iiimw

• b ^ <b^ < ^ (^^ <V' c^^ ^ <^ ^ ^

^ ' ^ ' # ^ ' C # ' <^ # CN " ' # #

Year

Chart 3B: Tata Motors Sale of Commercial Vehicles (Number)

The graph indicates that the commercial vehicles sales were steadily

increasing since 1980-1981. The total sale of commercial vehicles was

3,52,785 units in 2007-2008 which marginally decreased to 2,91,993

units in 2008-2009.

70

Tata Motors Passenger vehicle sates (in Number)

91^ ^ 5^ ci^ c ^ ^ ^ ^ ^ c?>

Year

Passenger vehicle sales in Number

Chart 3C: Tata Motors Sale of Passenger Cars (Number)

Passenger vehicles sales started in 1991 and went up to 179076 units in

2004-05. The sales of passenger vehicles reached 2,32,864 units in 2007-

2008, and declined marginally in the year 2008-2009 to 2,14,428 units.

3.3.2. MARKET SHARE IN INDIA

The market share of Tata Motors in India in the commercial vehicles

and the Passenger car segment are shown in the following table:

Table 3.ni - Tata Motors: Market Share in India

Year

1980-81

1990-91

2000-01

2004-05

2008-09

Commercial Vehicles Sold (Nos.)

TM

32156

80201

95009

190003

291993

India Total

68392

141098

150413

318430

384122

TM's Mari<et Share {%)

47.02

56.84

63.17

59.67

76.02

Passenger Cars Sold (Nos.)

TM

0

0

69917

179076

214428

India Total

15585

174633

717616

1061572

1551880

TM's Market Share (%)

0

0

9.74

16.87

13.82

Total Vehicles Sold (Nos.)

TM

32156

80201

164926

369079

506421

India Total

83977

315731

868029

1380002

1936002

TM's Mari<et Share (%)

38.29

25.40

19.00

26,74

26.16

Source: 1. Annual reports Tata Motors various issues. 2. Society of Indian AutomobiJe Manufacturers (SJAM) stahstica] profile.

71

The above table shows that in commercial vehicle segment Tata Motors

has been maintaining its strong market share. Although there were

occasional ups and down^ particularly following the arrival of many

new players in the passenger car segment, Tata Motors grip over the

Commercial vehicle segment remained intact and in fact had been

steadily increasing throughout the study period and even thereafter. In

2004-05, the com party's m a rket sha re in the commercia} vehicle

segment was around sixty per cent and this went up to seventy-six per

cent in 2008-09. The trend with regard to overall market share of Tata

Motors is shown in the following chart:

Tata Motors Market share in India

40 3 5 " ^ni ' i " i ' ' i ' ' i ' i i ' i ' t l ' i i i i i i i i i»-ninmnii i i i . i i i i ihwitt i t in»ni i i ' t 'n imitt<'mii i i i i i i imni i i i i i i i i i i ' i i ii ' l*t

2! 30 '

V=*v*^ TM Market share

i i i i i i i i i ' i ' i i i i i i i i i i i i ini i i i i i i i i i i iMi| i i i ' innmn»ii ini i i i i iiii i ' i i i i i i inijiininiiiMiMmniHimtiiwHt

Q J — ; — I 1 ; — f — T - T - T - - 1 — I 1 1 1—• • ' - ^y.^ 1 , !•—[""•i

Year

Chart 3D: Overall Market Share of Tata Motors in India (%)

Chart 3D shows that the overall market share of Tata Motors in India

taking the commercial vehicles and passenger cars together had been

hovering around 25 percent during the period under consideration

with a marginal decVming trend mainly arising out of the boom in

passenger car segment which during the period following 1991 had

72

seen the arrival of many new car manufacturers and a fiercely

competitive climate of operation.

3.3.3. Exports

The value of annual exports of Tata Motors is shown in Table 3.IV

below:

Table 3.IV: Export Sales of Tata Motors

Year Value of Exports

(Rs. Crore)

1980-81

1990-91

2000-01

2004-05

2007-08

2008-09

52.43

131.00

723.00

1453.00

2754.05

2206.43

Source: Annual reports Tata Motors (various issues).

Table 3.IV shows a steady upward trend of the value of exports by Tata

Motors during the study period and thereafter. The table shows that

while in 2004-05 the value of exports was Rs. 1453 crore, within a span

of the next three years (2004-05 to 2007-08) the value of exports nearly

doubled suggesting thereby a higher degree of export-orientation of the

company.

73

The trend of Tata Motors export orientation is shown in Chart

3.E

Tata Motors Export Orientation

o o n c

a « V 01

ra tfi in n •c i X

UJ

Exports as % of Sales

1 f\ T - l - ^ - ' - l

^ ^ ^ ^ ^ ^ ^ ^ rf^ r^

Years

Chart 3E: Trend of export orientation of Tata Motors

The graph shows that the Export as percentage of sales of Tata Motors

had been steadily increasing during the period of the study and also

thereafter. Although there were fluctuations caused mainly by the

volatility of the global market situation, the linear trend suggests that

over the period larger proportion of Tata Motors sales were directed

towards the export market.

3,3.4. Total Assets

Table 3.V shows the trend of Total Assets of Tata Motors:

Table 3.V: Total Assets of Tata Motors

Year

1 1980-81 1990-91 2000-01 2004-05 2008-09

Total Assets* (Rs. Crore)

2 270.19

1066.31

6252.66

7172.09 26425.64

*Net of depreciation

Source: Annual Reports Tata Motors various issues.

74

The total assets of Tata Motors had throughout been steadily increasing

and was Rs. 1066.31 crore in 1990-91. It increased to Rs. 6252.66 crore

in 2000-2001 and then to Rs. 7172.09 crore in 2004-2005. Total Assets

(Net) was Rs. 26425.64 crore in 2008-2009.

3.3.5. Net Worth

Net worth is generally taken as an important indicator of the value of a

company. Also called owner's equity, shareholders' equity, or net

assets, net worth represents all the money that has been invested by

owners since the company's inception (paid up capital) and the

retained earnings of the company (free reserves). Net worth being the

excess of total assets over total liabilities is used to have an idea of the

company's value and to determine its creditworthiness.

Table 3.VI shows the trends of Net worth of Tata Motors and also the

Net worth per share:

Table 3.VI: Net Worth of Tata Motors

Year

1

Paid Up Capital

(Rs. Crore)

2

Reserves (Rs. Crore)

3

Net Worth (Rs. Crore)

4

Net Worth Per Share (Rs.)

5

1980-81

1990-91

2000-01

2004-05

2008-09

31.51

103.87

255.90

361.79

514.05

80.95

479.21

2997.88

3749.60

11716.10

112.46

583.08

3253.78

4111.39

12230.15

38

56

127

114

238

Source: Annual reports Tata Motors (for various years).

The net. worth of Tata Motors was Rs. 112.46 crore in 1980-81; it

increased to Rs. 583. 08 crore in 1990-91 and further to Rs. 3253.78 crore

in 200-01. The company's Net worth in 2008-2009 was 12230.15 crore.

75

It is clear from Table 3.VI that both the Net worth of Tata Motors and

also the Net worth per share throughout had been steadily increasing

during the period under consideration.

3.3.6. Market capitalisation

Market capitalization represents the aggregate value of a company's

stock which is calculated by multiplying a company's

shares outstanding (i.e., the shares of the company that have been

issued and are in the hands of the public) by the current market price of

one share. Market capitalization provides an alternative measure of a

company's size (vis-^-vis the sales or the total asset figures) mainly for

use by the investment community.

Table 3.VII shows the trends since 2001-02 with regard to market

capitalisation of Tata Motors:

Table 3.VII: Tata Motors: Market Capitalisation

Year

2001-02

2002-03

2003-04

2004-05

2005-06

2006-07

2007-08

2008-09

Market Capitalisation (In Rs. Crore)

4037.25

4977.41

17143.18

14974.71

35703.11

28026.32

24034.24

8110.48

Source: Annual Reports Tata Motors (for various years).

Depending on stock market volatility and the trends of stock prices^

market capitalization generally shows unstable and fluctuating

patterns. Tata Motors was no exception. There was considerable

76

appreciation in the value of the company's stock since 2001. The peak

value noticed was Rs 35703.11 crore in the year 2005-2006. Thereafter as

stock prices declined in response to the US financial meltdown and the

global recessionary trends, the market capitalisation of Tata Motors

also experienced sharp decline.

3.3.7. Focus on development of in-house technological capabilities

It has been mentioned earlier that one of the distinct features that was

clearly discernible within Tata Motors mode of operation was its

emphasis on development of in-house technological capabilities. Over

the years, this strategic stance has produced significant outcomes as

would be evident from table 3.VIII below:

Table S.VIII: Tata Motors: Technological Milestones

SI. No. Year Major Initiative Launched / Milestone Achieved

1 1959 Research and Development Centre set up at Jamshedpur

Setting up of the Engineering Research Centre at Puna to provide impetus to automobile Research and Development. Now at present the

2 1966 ERC has (he facilities lil<e Test Beds, Chassis Dynamometer Emission Lab, Electrodynamic Vibration Shaker Platform, and Instrumentation Laboratory.

3 1986 Launched the first indigenous commercial vehicle, Tata 407

4 1991 Modernisation & upgradatation of its manufacturing facilities, Launched

First indigenous passenger car, Tata Sierra

5 1994 Launched Multi-utility vehicle as Tata Sumo

6 1997 Strengthened Engineering Research Centre

7 1998 ^"'"'h®'' Strengthened ERC & R&D Centre, Launched Tata Indica, Tata

Safari

8 2002 Launched Tata Indigo

9 2005 Tata Ace

10 2007 Winger, Magic

11 2009 Tata Nano, World Truck launched.

Sources: Annual Reports Tata Motors Ltd (various years).

77

3.4. SUMMING UP THE CHAPTER

In Chapter III, an Endeavour was made to establish the rationale for

making an informed choice of Tata Motors (India) Ltd. as the case to be

studied. The chapter showed that Tata Motors (India) Ltd. - which

started and operated for than half a century as a firm in a developing

country setting - commanded a respectable height not only in terms of

its record of growth and present market-share but also in terms of its

strategic location vis-^-vis the particular research questions formulated

for the study.

78

NOTES

^See, 'Price Water House Coopers World's Most Respected Companies Survey

2004' ^Financial Times, January 29, 2004.

^See 'Complete Rankings : World's Most Respected Companies', Forbes, May 21,

2007.

3Sirkin, H. and Bhattacharya.A (2008), GLOBALITY: Competing ivith Everyone from

Everxfwhere for Everything. New York: Business Plus.

'*See, Tata Central Archives :"Tata Family Tree" (ht tp: / /www.

tatacentralarchives.com.)

^See, 'World's Most Reputable Companies: The Rankings', Forbes, May 06, 2009.

^'Reinventing Tata Motors', Financial Express, November 22,2003.

^'Tata Motors buys out Hispano', Financial Express, October 21 , 2009.

'^'Tata Motors, Marcopolo in the JV, Fianacial Express, May 06, 2006.

^See, 'Tata Motors to Launch New Range of Trucks', Financial Express, May 29,

2009.

'"See, 'Congratulate Mr Ratan Tata on the JLR deal'. Economic Times, March 26,

2008.

"'Designer Girish Wagh: The whizkid who shaped Tata Nano', Economic Times,

January 12, 2008.

'2'DeveIoping India in the field of Innovation and Technology', Economic Times,

August 21, 2008

i3'Indica heralds New Vista for Small Cars', Economic Times, August 28, 2008

i"*'Auto mobiles: The Wonder Decade', Economic Times, December 31, 2009

* * * * *

79