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. YEAR MAJOR EVENT
NO.
1 1948 Steam road roller introduced in collaboration with Marshall Sons (UK).
Collaboration with Daimler Benz AG, West Germany, for manufacture of
2 1954
medium commercial vehicles.
3 1959 Research and Development Centre set up at Jamshedpur
4 1961 Export Started
5 1966 Setting up of the Engineering Research Centre at Pune
6 1983 Manufacture of Heavy Commercial Vehicle commences.
7 1985 First hydraulic excavator produced with Hitachi collaboration
Production of first light commercial vehicle, Tata 407, indigenously designed,
8 1986
followed by Tata 608.
9 1991 Launch of the 1st indigenous passenger car Tata Sierra.
10 1992 Launch of the Tata Estate.
Joint venture agreement signed with Cummins Engine Co. Inc. for the
11 1993
manufacture of high horsepower and emission friendly diesel engines.
Launch of Tata Sumo, LPT 709, Joint venture agreement signed v/ith M/s
12
1994 Daimler - Benz / Mercedes - Benz, Joint venture agreement signed with Tata
HolsetUd.,UK
13 1998 Tata Safari launched, Also Indica Launched
Indica with Bharat Stage 2 (Euro II) compliant diesel engine launched, CNG
14 2000
Buses
15 2002 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
16 2004
same year Indigo Marina, Sumo Victa launched, Tata Motors lists on the
NYSE
Branded buses and coaches - Starbus and Globus - launched, Tata
17 2005
Ace, India's first mini truck launched
Tata Motors and Marcopolo, Brazil, announce joint venture to manufacture
18 2006
fully built buses & coaches for India & markets abroad
Tata Motors and Thonburi Automotive Assembly Plant Co. (Thonburi),
19 2007 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
20 2008 Launched.
Tata Motors launches Nano, Indigo Manza, World Car. Also Launch of
21 2009 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 Tata Motors Limited

2. Year of Establishment 1945

Bombay House, 24 Homi Mody Street,

3. Corporate Office
Mumbai

41.73% (*Promoters), 2.74% (Mutual Funds

and UTI), 15.43% (Government companies,
financial institutions, Banks & insurance
4. Ownership Structure
companies), 7.13%(Flls), 19.44% (NRIs,
Foreign companies & ADRs) and others
13.53%.

5. Paid up Capital (on 31.03.09) 5140.50 (Rs In Million)

6. Market Capitalisation (on 31.03.09) 81104.80 (Rs in Million)

7. Face Value per share Rs 10 each

8. Market Price (on 31.03.09) Rs 180.30 (Closing)

Mainly H&MCV, LCV & Passenger Car and

9. Product Range
also engines.

Jamshedpur (Jharkhand), Pune

(Maharashtra), Lucknow (Uttar Pradesh),
10. Manufacturing Bases
Pantnagar (Uttarakhand) Dharwad
(Karnataka) and Sanand (Gujrat)

11. Number of Employees (on 31.03.09) 24,000 employees

12. Total Turnover (2008-09) 285992.70 (Rs in Million)

13. Total Exports (2008-09) 33536 units.

14. Operating Profit (2008-09) 10137.60 (Rs in Million)

15. Net Profit (2008-09) 10012.60 (Rs in Million)

16. Exports as % of Turnover 7.71%

17. Current Market Share (2008-09) 26.16% (CV-76.02%, Passenger vehicle-13.82%)

18. Global Rank in the Auto (ndustry 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
Annual Sales
^15000
S 10000
« 5000 2!^^
0 -Mi*i*?*r*:*^ •1—I—I—\—r

5>^ S>^ . ^ ^ .S^ .S^ . ^ (V

.56 ^ ^^
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 Commercial vehicle
o .2 150000 sales in Number
0 "5 100000
1 ^ 50000 ^-•••••* nHiHi.nnm iiimw

5 0 '
•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)

Passenger vehicle
sales in Number

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

Year

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

Commercial Vehicles Sold
Passenger Cars Sold (Nos.) Total Vehicles Sold (Nos.)
(Nos.)
TM's TM's TM's
Year
India Mari<et India Market India Mari<et
TM TM TM
Total Share Total Share Total Share
{%) (%) (%)
1980-81 32156 68392 47.02 0 15585 0 32156 83977 38.29

1990-91 80201 141098 56.84 0 174633 0 80201 315731 25.40

2000-01 95009 150413 63.17 69917 717616 9.74 164926 868029 19.00

2004-05 190003 318430 59.67 179076 1061572 16.87 369079 1380002 26,74

2008-09 291993 384122 76.02 214428 1551880 13.82 506421 1936002 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
35 " ^ni'i"i''i''i'ii'i'tl'iiiiiiiii»-ninmniiiii.iiiiihwittitin»niii't'nimitt<'miiiiiiiiimniiiiiiiiiii'ii ii'l*t

2! 30 '

V=*v*^ TM Market share

iiiiiii ii'i'iiiiiiiiiiiiiniiiiiiiiiiiiMi|iii'innmn»iiiniiiii iiiii'iiiiiiinijiininiiiMiMmniHimtiiwHt

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
Value of Exports
Year
(Rs. Crore)
1980-81 52.43
1990-91 131.00
2000-01 723.00
2004-05 1453.00
2007-08 2754.05
2008-09 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 Exports as % of Sales
ra tfi
in
n
•c
X
i 1 f\ T-l-^-'-l
UJ

^ ^ ^ ^ ^ ^ ^ ^ 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

Total Assets*
Year
(Rs. Crore)
1 2
1980-81 270.19
1990-91 1066.31
2000-01 6252.66
2004-05 7172.09
2008-09 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

Paid Up Net Worth Per
Reserves Net Worth
Year Capital Share
(Rs. Crore) (Rs. Crore)
(Rs. Crore) (Rs.)
1 2 3 4 5
1980-81 31.51 80.95 112.46 38

1990-91 103.87 479.21 583.08 56

2000-01 255.90 2997.88 3253.78 127

2004-05 361.79 3749.60 4111.39 114

2008-09 514.05 11716.10 12230.15 238

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

Market Capitalisation
Year
(In Rs. Crore)
2001-02 4037.25

2002-03 4977.41

2003-04 17143.18

2004-05 14974.71

2005-06 35703.11
2006-07 28026.32

2007-08 24034.24

2008-09 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.
Year Major Initiative Launched / Milestone Achieved
No.
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" (http://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 2 1 , 2009.

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

^See, 'Tata Motors to Launch New Range of Trucks', Financial Express, May 2 9 ,

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