Skip to content
Search

Latest Stories

Tata Motors ready to halt one India plant

INDIA'S Tata Motors is rapidly scaling down activity at its car factory in the western state of Maharashtra and is preparing to close it if concerns about coronavirus deepen, the company said on Friday (20).

The move by Tata Motors, which owns the British luxury car brands Jaguar and Land Rover (JLR), comes as the state recorded the highest number of confirmed cases of coronavirus in India.


On Friday, Maharashtra ordered all shops and offices to close except those providing essential services in three major cities, including the financial capital Mumbai and Pune, where the Tata Motors plant and engineering centre is located.

Tata Motors will scale down its operations by the end of Monday (23) and will be prepared to close the plant by Tuesday (24) if things worsen, the company's managing director Guenter Butschek said, adding that it will remain in this mode until March 31.

"We shall continue to closely monitor the situation in all states where our offices and plants are located and make appropriate and proactive decisions should the need arise," Butschek said.

Tata Motors, which is India's biggest truck maker, has more than half a dozen manufacturing plants across the country. The Pune site, where it builds passenger cars and trucks, is one of its biggest.

JLR said on Thursday (19) it would temporarily suspend production in the UK from next week until the week of April 20 and it has also stopped work at its Slovakia plant to curb the spread of the virus.

In a separate statement, Tata Sons chairman N Chandrasekaran said that all group companies would make full payments to temporary and daily wage earners for the months of March and April - even if they were not able to come into work due to quarantine measures, site closures or plant shutdowns.

More For You

Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less
Boohoo

Boohoo’s shares, which have fallen by about 20 per cent this year, dropped 4 per cent on Tuesday. (Photo: Getty Images)

Boohoo rebrands as Debenhams after 21 per cent sales drop

BOOHOO has rebranded itself as Debenhams Group after sales from its young fashion brands, including Boohoo, MAN, and PrettyLittleThing, declined by 21 per cent to £947 million.

The move comes amid strong competition from Shein and a shift towards second-hand clothing among younger shoppers, The Guardian reported.

Keep ReadingShow less