Tata Motors says it will reduce 480 billion debt over 3 years

India's Tata Motors Ltd will significantly reduce its group automotive debt of 480 billion rupees ($6.4 billion) over the next three years, the company's chairman said during its annual shareholder meeting on Tuesday.

By: Reuters
| Updated on: 25 Aug 2020, 17:04 PM
Follow us on:
Follow us on:
Tata Motors claims to reduce its group automotive debt of 480 billion rupees in next three years.
Tata Motors claims to reduce its group automotive debt of 480 billion rupees in next three years.
Tata Motors claims to reduce its group automotive debt of 480 billion rupees in next three years.
Tata Motors claims to reduce its group automotive debt of 480 billion rupees in next three years.

Tata Motors is "deleveraging this business substantially" and has set targets to generate free cash flows, N Chandrasekaran said.

Automakers globally have been hit by the Covid-19 pandemic which has hurt demand for cars and disrupted supply chains because of curbs on travel and the movement of goods.

This has derailed Tata Motors' turnaround plans for its domestic business and British luxury unit, Jaguar Land Rover (JLR), but the company said it is committed to cutting costs, tightening investment spending and improving profitability.

Similar Products

Find more Cars
Force Motors Gurkha New (HT Auto photo)
Force Motors Gurkha New
2596 cc | Diesel | Manual
₹13.59 Lakhs***Ex-showroom price
Mean Metal Motors Azani (HT Auto photo)
UPCOMING
Mean Metal Motors Azani
Electric
₹88 - 90 Lakhs* *Expected Price
Tata Safari 2023 (HT Auto photo)
UPCOMING
Tata Safari 2023
1956 cc | Diesel | Manual
₹16 - 24 Lakhs* *Expected Price
Tata Tigor (HT Auto photo)
Tata Tigor
1199 cc | Petrol | Manual | 20.3 kmpl
₹5.39 - 7.82 Lakhs***Ex-showroom price
Tata Harrier 2023 (HT Auto photo)
UPCOMING
Tata Harrier 2023
1956 cc | Diesel | Manual
₹15 - 23 Lakhs* *Expected Price
Tata Nexon (HT Auto photo)
Tata Nexon
1199 cc | Petrol | Manual | 17.4 kmpl
₹7 - 13.24 Lakhs***Ex-showroom price

"The company is working with agility to transform towards a future that is strong, sustainable, and financially rewarding," Chandrasekaran said, adding that the group would also look to "unlock non-core investments".

Tata Motors' domestic business is expected to generate free cash flows from fiscal year 2021 while JLR will achieve this a year later in 2022, the company's CFO, P B Balaji said during the virtual shareholder meeting.

Shares of Tata Motors ended 5% higher on Tuesday while the broader Mumbai market remained flat.

First Published Date: 25 Aug 2020, 17:04 PM IST
Recommended for you
View all
NEXT ARTICLE BEGINS
Shopping Bag Shop Now
55% OFF
SOFTSPUN Microfiber Cloth - 4 pcs - 40x40 cms - 340 GSM Grey- Thick Lint & Streak-Free Multipurpose Cloths - Automotive Microfibre Towels for Car Bike Cleaning Polishing Washing & Detailing
Rs. 269 Rs. 604
73% OFF
pTron Bullet Pro 36W PD Quick Charger, 3 Port Fast Car Charger Adapter - Compatible with All Smartphones & Tablets (Black)
Rs. 349 Rs. 1,299
20% OFF
Involve Your Senses One Musk Organic Car Perfume Bar, Involve Your Senses Strong Fiber Air Freshener to Freshen'up Your Car - IONE01-40 g Car Accessories interior car perfumes and fresheners
Rs. 320 Rs. 399
65% OFF
ELV Car Mount Adjustable Car Phone Holder Universal Long Arm, Windshield for Smartphones - Black
Rs. 349 Rs. 999
14% OFF
Jopasu Car Duster
Rs. 749 Rs. 869
9% OFF
ShineXPro Microfiber Car Cleaning Cloth - OG Soft 500 GSM Extra Large (35x75 cm) Microfiber Cloth for Car and Bike - Suede Edging for Scratchless Drying and Detailing (Pack of 2)
Rs. 499 Rs. 549
7% OFF
Pidilite WD-40, Multipurpose Car care Spray, 420ml Rust Remover, Lubricant, Stain Remover, Powerful Chimney Cleaner, Degreaser, and Bike Chain Cleaner & Chain Lube (341g)
Rs. 347 Rs. 375
68% OFF
ORJILO Super Soft Microfiber Car Duster Exterior with Extendable Handle, Car Brush Duster for Car Cleaning Dusting - Grey
Rs. 319 Rs. 999
65% OFF
Portronics AUTO 12 in-Car Bluetooth Receiver for Handsfree Calling, Music System, Supports All Smartphones (Black)
Rs. 529 Rs. 1,499
61% OFF
HSR Car Accessories in 10PCS/1Set Car Wiper Detergent Effervescent Tablets Washer Auto Windshield Cleaner Glass Wash Cleaning Tablets
Rs. 197 Rs. 499

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city