Jamshedpur: Jaguar Land Rovers, the iconic British luxury car brand acquired by Tata Motors in 2008, has a good future, Tata Group Chairman Ratan Tata said in Jamshedpur on Saturday.
Tata Steel Europe (formerly Corus), another global brand acquisition by Tatas, need investment as well as improvement in the prevailing economic slowdown there to look up, he said.
"The future of Jaguar Land Rovers is very good and China being the second largest market. We are hopeful of very good future to it unless the petrol price goes high," he said. "The USA continues to be the good market for Jaguar while presence in Asia is growing momentum particularly to the meteoric rise in demand from car buyers in China," he added.
"We (Tata group) have spent millions to earn a brand name over the years and finally succeeded," he said while elaborating that Tata group bought the company with a brand name world over. Tatas acquired Jaguar Land Rovers in 2008 for USD 2.3 billion.
About the Tata Steel Europe, the Tata Sons Chairman said "it was performing in negative due to various reasons including the prevailing economic conditions there and high cost of raw materials."
"Our European operation need investment. Let the economic condition improve there, which I hope would take place fast and we will plan it out only after that," he said.
About the demand of an International airport in Jamshedpur, he said it was not possible in the city and we will have to do it in the vicinity or outside Jamshedpur.
Tata, alongwith his successor-designate Cyrus Mistry and Tata Steel Managing Director HM Nerurkar was taking part in a question-answer session organized by Singhbhum Chamber of Commerce and Industry.
Replying a question, Tata said younger generation has lot to offer and has talents and we should not deny opportunities to the younger generation to shine.
He appealed the entrepreneurs to provide opportunities to the younger generation to prove their mettle.
His successor designate, Cyrus Mistry echoed a similar view and suggested the younger generation demonstrate the right value system.
Hailing Tata, Mistry said last four months with Tata was "exciting as well as frightening moment for him." "I had a wealth of knowledge in the company of Tata and try to make the remaining one year with him worthful, though it duration was less," Mistry said.
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