Press Release

Tata Motors Limited

June 15, 2023

Facilities/Instruments Amount (₹ crore) Rating1 Rating Action

Long-term bank facilities 3,500.00 CARE AA; Stable Revised from CARE AA-; Stable
Short-term bank facilities 1,000.00 CARE A1+ Reaffirmed
Non-convertible debentures 1,500.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 2,500.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 650.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 250.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 300.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 500.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 500.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 1,000.00 CARE AA; Stable Revised from CARE AA-; Stable
Non-convertible debentures 700.00 CARE AA; Stable Revised from CARE AA-; Stable
Commercial paper 6,000.00 CARE A1+ Reaffirmed
Details of instruments/facilities in Annexure-1.

Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities and instruments of Tata Motors Limited (TML) factors in the significant
improvement in the overall credit profile of the company on account of improved operating performance in FY23 attributed to
improved volumes and product mix and higher realisations in both Jaguar and Land Rover (JLR) and India. Furthermore, easing
inflation and supply chain issues, improved semiconductor supplies and operations contributed to improvement in the company’s
operating performance.

The ratings also factor in improvement in the sales volumes of JLR, commercial vehicle (CV) and passenger vehicle (PV) segments.
Wholesale volumes in JLR grew by 9.1% in FY23, primarily on account of improvement in semi-conductor supplies from Q3FY23.
Furthermore, JLR continued to have strong order book throughout the year which stands at around 200,000 units as on March
31, 2023, despite increased retail sales in Q4FY23. TML posted 15% Y-o-Y wholesale growth in the CV segment, while it posted
45.4% Y-o-Y wholesale growth in the PV segment in FY23. TML reported market share of 41.7% in CV in FY23 (PY: 44.7%), the
market share in PV grew from 4.8% in FY20 to 13.5% in FY23 (PY: 11.4%). The volume growth in PV was led by the ‘New
Forever’ Portfolio as well as the new product launches and variants. The company is the market leader in the electric vehicle (EV)
category, enjoying market share at 84% in FY23 (PY: 87%). Volume growth, favourable product mix and higher realisation led
to improved EBITDA margin at 9.99% in FY23. Robust JLR order book and sustained growth momentum in CVs and PVs with
improving supply chain augurs well for the company’s performance going forward, strengthening TML’s credit metrics.

Furthermore, improved profitability and deleveraging has led to improvement in the financial risk profile and debt coverage
indicators in FY23. The net auto debt (including leases) reduced to ₹43,687 crore as on March 31, 2023 from ₹48,679 crore as
on March 31, 2022, which led to improved adjusted overall gearing (excluding acceptances) on a net basis to 0.87x in FY23 (PY:
1.14x). CARE Ratings Limited (CARE Ratings) believes that improved gross cash accruals (GCA), strong liquidity position with the
management’s focus to attain zero net auto debt by FY25 will lead to significant improvement in leverage and debt coverage
metrics over the medium term. As a part of divesting certain non-core investments, the company plans to sell its 20% stake in
Tata Technologies Limited (TTL) through IPO of TTL, the proceeds of which will support TML’s debt reduction plans. Furthermore,
TML continues to enjoy immense financial flexibility by virtue of being part of the Tata group.

The ratings also factor in established track record of TML as one of India’s largest automobile original equipment manufacturers
(OEMs) coupled with its strong market share in the domestic CV industry, growing market share in the domestic PV industry and
further improvement in JLR volumes in the near term, enhancing TML’s overall business performance and geographically-
diversified presence aided by large sales and distribution network.

The rating strengths continue to be tempered by the moderate capex in the medium term to meet consumer and regulatory
requirements and to improve competitive positioning. In JLR, the annual capex of around £3 billion a year is mainly towards

1
Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications

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 Press Release

electrification platforms, architectures and investments in future battery electric vehicle (BEV) as a part of the ‘Reimagine’ strategy
and is likely to be funded primarily through internal accruals. CARE Ratings has taken cognisance of the ‘Reimagine’ strategy
announced by JLR, which seeks to make Jaguar a pure electric luxury brand by 2025 and entails the gradual increase in the
electric variants offered by Land Rover, which entails better profitability. The strategy also aims at reducing the number of
architectures, which would also limit the capex requirement going ahead. CARE Ratings would continue to monitor the targets
set out by the company in terms of earnings before interest and taxes (EBIT) margin. In India business, major capex would be
towards electrification and new launches for maintaining its market share in the PV segment. As per the management, in the
medium term, India’s CV and PV business will require capex spends of ₹2,500 crore and ₹3,000 crore, respectively, while for the
EV business, capex investment is estimated to be US$2 billion till FY27. The rating strengths continue to be tempered by cyclical
nature of the automobile industry and competitive pressure in the entire product segments which limits the scope of operating
margin expansion through price revision, especially in the PV segment, with high degree of competition from both incumbents
and new entrants.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors
• Significant improvement in the total operating income (TOI) while being net auto debt free on a sustained basis.
• Improvement in JLR revenues coupled with higher operating margins leading to significant generation of free cash flows on a
sustained basis.

Negative factors
• Debt-funded capex/acquisition leading to deterioration of adjusted net auto debt/PBILDT to above 2.0x on a sustained basis.
• Weaker operational performance, leading to a decline in the operating margins below 8% on a sustained basis.

Analytical approach:
Consolidated
CARE Ratings has considered the consolidated financials of TML and its key subsidiaries, including JLR. However, adjustments are
made to the net worth and debt position (of TML) by excluding the net worth and debt of Tata Motors Finance Limited (TMFL;
rated ‘CARE AA-; Stable/CARE A1+’) and Tata Motors Finance Solutions Limited (TMFSL-rated ‘CARE AA-; Stable/CARE A1+’),
which are non-banking financial companies (NBFCs) involved in the activity of captive financing of its vehicles. These NBFCs are
wholly-owned subsidiaries of TMF Holdings Limited (TMF), which in turn is a wholly-owned subsidiary of TML. However, equity
commitments towards TMF are considered in the overall analysis. For arriving at the ratings, CARE Ratings has used its notch-up
framework factoring in the support that it derives by being part of the Tata group. The list of subsidiaries, which are consolidated,
is given in Annexure-6.

Outlook: Stable
Stable outlook reflects the company’s ability to maintain and improve its market position by leveraging upon its strong brand,
which coupled with stable demand scenario shall enable it to sustain and improve its healthy business profile over the medium
term.

Detailed description of the key rating drivers:

Key strengths
Strong linkages and support from the Tata group: TML is a part of the Tata group, which comprises 30 companies across
10 verticals, including information technology, steel, automotive, consumer & retail, infrastructure, financial services, aerospace
& defence, tourism & travel, telecom & media, and trading & investment. The group has operations in more than 100 countries
across six continents. TML continues to be strategically important to the Tata group. As on March 31, 2023, Tata Sons Private
Limited (TSPL) and promoter group held 46.4% stake in the company. TSPL has also provided financial support to TML through
funds infusion to the tune of ₹6,494 crore in FY20 and FY21. Being a part of the Tata group provides immense financial flexibility
to TML.

Well-diversified product portfolio and widespread geographical presence: TML has a well-diversified product portfolio
consisting of presence in the CV and PV segments in India. TML has six principal automotive manufacturing facilities in India at
Jamshedpur, Pune, Lucknow, Pantnagar, Sanand and Dharwad. TML’s sales and distribution network in India as of March 31,
2023 comprised over 6,800 touch points for sales and service for the company’s passenger vehicles and commercial vehicles
businesses. In FY22, Tata Passenger Electric Mobility Limited (TPEM) was incorporated as a wholly-owned subsidiary of TML to
undertake the passenger electric mobility business. During the past two years, TPEM has secured funding of ₹7,500 crore from

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TPG Rise. TPEM shall leverage all the existing investments and capabilities of TML and channelise its future investments into
electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure
and battery technologies. By acquisition of JLR by TML in 2008, TML has been able to penetrate premium car markets like US,
Europe, UK, China.

Strong market position in the Indian CV business: TML is the market leader in the domestic CV segment with a market
share of 41.7% during FY23 (PY: 44.7%) and offers a broad portfolio of automotive products, including light, medium and heavy
commercial vehicles both in goods carrier and passenger carrier varieties. TML is one of India’s largest OEMs.

Improving market share in the PV business; continued market leadership in the EV segment: TML has been
consistently reporting increase in its PV market share from 4.8% in FY20 to 13.5% in FY23 (PY: 11.4%) driven by strong demand
for the ‘New Forever’ Portfolio and agile actions on demand and supply side. The demand emanated from the increasing preference
towards personal mobility, and continued availability of financing options. The company continues to be a market leader in the
EV segment with a market share of 84% in FY23 (PY: 87%).

Improvement in operating performance in FY23: On a consolidated basis, TML reported improvement in the TOI by 24.4%
led by volume growth and higher realisations in both JLR and India business. Wholesale volumes in JLR grew by 9.1% in FY23
primarily on account of improvement in semi-conductor supplies from Q3FY23. Both CV and PV businesses reported volume
growth in FY23. During FY23, the company reported volume growth of 15% in the CV segment driven by the robust demand for
heavy trucks led by strong infrastructure push by the Government and increased e-commerce, construction, and mining activities.
However, the demand for small and light commercial vehicles continued to be impacted due to high interest rates and high base
effect. With the government’s continuing thrust on infrastructure development, the overall CV demand in FY24 is expected to
improve. During FY23, the company reported volume growth of 45.4% in the PV segment driven by post COVID-19 pent-up
demand in early part of the year, new product launches and easing semiconductor supplies. All the four SUVs: Nexon (including
Nexon EV), Punch, Harrier and Safari, recorded their highest-ever annual sales contributing a substantial 66% of the total volume.

The operating margin also improved from 9.08% in FY22 to 9.99% in FY23 primarily due to higher realisations, volumes, improved
product mix and favourable operating leverage in JLR. Going forward, CARE Ratings expects the company to report improved
performance in terms of revenue and margins due to strong order book of around 200,000 units in JLR, which is expected to
support revenue growth, current improved product mix and continued momentum in the CV and PV businesses.

Healthy improvement in financial risk profile: The adjusted overall gearing (excluding acceptances) on a net basis improved
in FY23 and stood at 0.87x (PY: 1.14x). For arriving at adjusted overall gearing, CARE Ratings has adjusted the net worth and
debt position (of TML) by excluding the net worth and debt of the TMF Group. The other debt coverage indicators like net auto
debt/PBILDT and net auto debt/GCA also improved in FY23 on a Y-o-Y basis due to the scheduled repayment of debt obligations
and improvement in cash accruals during the year.

Key weaknesses
Exposure to inherent cyclical nature of automobile industry and competitive pressures: TML continues to remain
exposed to the cyclical nature of the automobile industry, which has seen abundant volatility in the past due to macro-economic
factors. TML is also exposed to the competitive intensity in the global as well as the Indian market (especially in the PV segment).
The global players have the advantage of advanced technology, financial resources and operating leverage. In the Indian market,
especially in the utility vehicle segment, there have been a number of launches in the past couple of years, resulting into pricing
pressure and impacting the operating margins of OEMs.

Liquidity: Strong
The liquidity profile of JLR is strong as evinced by cash and cash equivalents of £3.8 billion as on March 31, 2023, and liquidity
buffers of £1.5 billion (in the form of undrawn revolving credit facility). The available liquidity and liquidity buffers are more than
sufficient to cover the debt repayments of JLR in the near term. TML (CV + PV + Joint Operations – Tata Cummins Private Limited
(TCPL) and Fiat India Automobiles Private Limited (FIAPL)) business had cash and cash equivalents of around ₹9,233 crore and
liquidity buffers of ₹6,000 crore (in the form of unutilised fund-based working capital lines) as on March 31, 2023. The available
liquidity and liquidity buffers are more than sufficient to cover the debt repayments of TML (CV + PV + Joint Operations – TCL
and FIAPL) in the near term.

Environment, social, and governance (ESG) risks

CARE Ratings believes that TML’s environment, social, and governance (ESG) profile supports its strong credit risk profile.

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Environmental:
• TML has adopted a holistic approach towards Net Zero, and it involves its business and operational impact and strategy.
• TML is embedding sustainability into its business by focusing on the three interconnected pillars of driving decarbonisation
of businesses and value chain, applying a systemic circular economy approach to reduce resource consumption and waste,
along with preserving and restoring our natural environment.
• TML’s sustainability goals are aligned with the global climate change mitigation targets, and the company follows universally
accepted guidelines and commitments like the Science Based Targets Initiative (SBTi) and RE100 to reach these goals.
• The way the company operate is reflective of its pioneering objective of enabling a greater number of individuals to access
and utilise clean mobility solutions.
• Considerable investments have been made in renewable energy sources, innovations in emissions reduction technologies,
sustainable materials and circular processes.
• During FY23, the company continued to add on-site Renewable Energy (solar) generation capacity, bringing the total installed
capacity of Solar PV installation to 5.8 MWp at Pune (Pimpri); 7.5 MWp at Jamshedpur; 7 MWp at Pantnagar; 0.435 MWp at
Chinchwad; 4.07 MWp at Lucknow; 1 MWp at Dharwad; 15.5 MWp at Chikhali and 2 MWp at Sanand. JLR is aiming for net
zero carbon emissions across its supply chain, products and operations by 2039.

Social:
TML also actively promotes the cause of education in the country by supporting underprivileged children and development of
community health and well-being.

Governance:
The company has been practicing the principles of fair, ethical and transparent governance practices over the years and lays
strong emphasis on transparency, accountability, honesty, integrity and ethical behaviour.

Applicable criteria
Policy on default recognition
Consolidation
Financial Ratios – Non financial Sector
Liquidity Analysis of Non-financial sector entities
Rating Outlook and Credit Watch
Short Term Instruments
Commercial Vehicle
Manufacturing Companies
Policy on Withdrawal of Ratings

About the company and industry

Industry classification

Macro-Economic Indicator Sector Industry Basic Industry

Consumer Discretionary Automobile and Auto Components Automobiles Passenger Cars & Utility Vehicles

Incorporated in 1945, TML is one of the leading automotive manufacturers in India. Essentially a CV manufacturer, TML forayed
into the manufacturing of PVs across all product segments, viz, compact, mid-size and utility, in 1998-99, broadening the business
horizon of the company. TML forayed into the premium luxury car segment through the acquisition of JLR in June 2008, which
has a presence across various geographies, such as Europe, UK, US, and China. Through its subsidiaries and associates, TML also
has a presence in Thailand, South Africa, South Korea and Indonesia. TML’s manufacturing base in India is spread across
Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Sanand (Gujarat) and
Dharwad (Karnataka). In addition, outside India, the group has manufacturing units in UK, South Korea, Thailand, South Africa,
China and Indonesia.

Brief Financials (₹ crore) 31-03-2022 (A) 31-03-2023 (A)

consolidated (reported)
Total operating income 280,578.33 348,984.21
PBILDT 25,488.68 34,846.79
PAT (11,308.76) 2,689.87

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Brief Financials (₹ crore) 31-03-2022 (A) 31-03-2023 (A)

consolidated (reported)
Overall gearing (times) 3.20 2.56
Adjusted overall gearing (times) 1.14 0.87
Interest coverage (times) 2.74 3.41
A: Audited; Note: ‘the above results are latest financial results available’
*For arriving at adjusted overall gearing, CARE Ratings has excluded the net worth and debt, respectively, of TMF Holdings Limited (TMF. TMF is
the holding company of Tata Motors Finance Limited (TMFL and Tata Motors Finance Solutions Limited (TMFSL), which are NBFCs involved in the
activity of captive financing of its vehicles. Furthermore, the cash and cash equivalents have also been subtracted from debt to arrive at net auto
debt.

Status of non-cooperation with previous CRA:

Not applicable

Any other information:

Not applicable

Rating history for last three years: Please refer Annexure-2

Covenants of rated instrument / facility: Detailed explanation of covenants of the rated instruments/facilities is given in
Annexure-3

Complexity level of various instruments rated: Annexure-4

Lender details: Annexure-5

Annexure-1: Details of instruments/facilities

Coupon Size of Rating Assigned
Name of the Date of Maturity
ISIN Rate the Issue along with Rating
Instrument Issuance Date
(%) (₹ crore) Outlook
Debentures - Non- August 20, August 20,
INE155A08191 9.81% 300.00 CARE AA; Stable
Convertible Debentures 2014 2024
Debentures - Non- September September
INE155A08209 9.77% 200.00 CARE AA; Stable
Convertible Debentures 12, 2014 12, 2024
Debentures - Non- November November
INE155A08241 9.35% 400.00 CARE AA; Stable
Convertible Debentures 10, 2014 10, 2023
Debentures - Non-
Proposed 7000.00 CARE AA; Stable
Convertible Debentures
Commercial Paper-
April 19, June 30,
Commercial Paper INE155A14SR3 7.10% 500.00 CARE A1+
2023 2023
(Standalone)
Commercial Paper-
April 21, June 30,
Commercial Paper INE155A14SR3 7.10% 300.00 CARE A1+
2023 2023
(Standalone)
Commercial Paper-
Commercial Paper INE155A14SS1 May 24, 2023 7.04% July 31, 2023 500.00 CARE A1+
(Standalone)
Commercial Paper-
August 23,
Commercial Paper INE155A14ST9 May 25, 2023 7.05% 200.00 CARE A1+
2023
(Standalone)
Commercial Paper-
June 12, September
Commercial Paper INE155A14SU7 7.10% 500.00 CARE A1+
2023 07, 2023
(Standalone)
Commercial Paper-
June 14, August 31,
Commercial Paper INE155A14SV5 7.13% 500.00 CARE A1+
2023 2023
(Standalone)
Commercial Paper-
Commercial Paper Proposed 7-365 days 3500.00 CARE A1+
(Standalone)

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Coupon Size of Rating Assigned

Name of the Date of Maturity
ISIN Rate the Issue along with Rating
Instrument Issuance Date
(%) (₹ crore) Outlook
Fund-based - LT-
- - - - 3500.00 CARE AA; Stable
Working Capital Limits
Fund-based - ST-
- - - - 1000.00 CARE A1+
Working Capital Limits

Annexure-2: Rating history of last three years

Current Ratings Rating History
Date(s) Date(s) Date(s) Date(s)
Name of the
Sr. and and and and
Instrument/ Amount
No. Rating(s) Rating(s) Rating(s) Rating(s)
Bank Facilities Type Outstanding Rating
assigned assigned assigned assigned
(₹ crore)
in 2023- in 2022- in 2021- in 2020-
2024 2023 2022 2021
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
1 Convertible LT 1500.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
2 Convertible LT 2500.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Stable
Fund-based - CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
3 LT-Working LT 3500.00 AA; - Stable Stable
Capital Limits Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
4 Convertible LT 650.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
5 Convertible LT 250.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-;
Stable
6 Convertible LT 300.00 AA; - Stable Stable
(17-Mar-21)
Debentures Stable (17-Aug-22) (19-Aug-21)

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Current Ratings Rating History

Date(s) Date(s) Date(s) Date(s)
Name of the
Sr. and and and and
Instrument/ Amount
No. Rating(s) Rating(s) Rating(s) Rating(s)
Bank Facilities Type Outstanding Rating
assigned assigned assigned assigned
(₹ crore)
in 2023- in 2022- in 2021- in 2020-
2024 2023 2022 2021
2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
7 Convertible LT 500.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
8 Convertible LT 500.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
9 Convertible LT 1000.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
Commercial 1)CARE A1+
Paper- (17-Mar-21)
CARE 1)CARE A1+ 1)CARE A1+
10 Commercial ST 6000.00 -
A1+ (17-Aug-22) (19-Aug-21)
Paper 2)CARE A1+
(Standalone) (12-Aug-20)
1)CARE AA-;
Stable
Debentures-Non CARE 1)CARE AA-; 1)CARE AA-; (17-Mar-21)
11 Convertible LT 700.00 AA; - Stable Stable
Debentures Stable (17-Aug-22) (19-Aug-21) 2)CARE AA-;
Negative
(12-Aug-20)
1)CARE A1+
Fund-based - (17-Mar-21)
CARE 1)CARE A1+ 1)CARE A1+
12 ST-Working ST 1000.00 -
A1+ (17-Aug-22) (19-Aug-21)
Capital Limits 2)CARE A1+
(12-Aug-20)
*Long term / Short term

Annexure-3: Detailed explanation of covenants of the rated instruments/facilities:

Not available

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Annexure-4: Complexity level of various instruments rated

Sr. No. Name of the Instrument Complexity Level
1 Commercial Paper - Commercial Paper (Standalone) Simple
2 Debentures - Non-Convertible Debentures Simple
3 Fund-based - LT - Working Capital Limits Simple
4 Fund-based - ST - Working Capital Limits Simple

Annexure-5: Lender details

To view the lender wise details of bank facilities please click here
Note on complexity levels of the rated instruments: CARE Ratings has classified instruments rated by it on the basis of
complexity. Investors/market intermediaries/regulators or others are welcome to write to care@careedge.in for any clarifications.

Annexure-6: List of subsidiaries consolidated as on March 31, 2023

Sr. Country of % holding in
Name of the subsidiary
No. incorporation subsidiary
Direct Subsidiaries
1 TML Business Services Limited India 100.00
2 Tata Motors Insurance Broking and Advisory Services Limited India 100.00
3 Tata Technologies Limited India 76.69
4 TMF Holdings Limited India 100.00
Tata Motors Body Solutions Limited (Formerly known as Tata
5 India 100.00
Marcopolo Motors Limited)
6 TML Holdings Pte. Limited Singapore 100.00
7 Tata Hispano Motors Carrocera S.A. Spain 100.00
8 Tata Hispano Motors Carrocerries Maghreb SA Morocco 100.00
9 Tata Precision Industries Pte. Limited Singapore 78.39
10 Brabo Robotics and Automation Limited India 100.00
Jaguar Land Rover Technology and Business Services India
11 Private Limited (Formerly known as JT Special Vehicles Pvt. India 100.00
Limited)
12 TML CV Mobility Solutions Limited India 100.00
13 Tata Passenger Electric Mobility Limited India 100.00
14 Tata Motors Passenger Vehicles Limited India 100.00
TML Smart City Mobility Solutions Limited (Incorporated on May
15 India 100.00
25, 2022)
Indirect Subsidiaries*
16 Tata Motors European Technical Centre PLC UK 100.00
17 Trilix S.r.l. Italy 100.00
18 Tata Daewoo Commercial Vehicle Company Limited South Korea 100.00
Tata Daewoo Commercial Vehicle Sales and Distribution
19 South Korea 100.00
Company Limited
20 Tata Motors (Thailand) Limited Thailand 97.21
21 Tata Motors (SA) (Proprietary) Limited South Africa 60.00
22 PT Tata Motors Indonesia Indonesia 100.00
23 Tata Technologies (Thailand) Limited Thailand 76.69
24 Tata Technologies Pte Limited Singapore 76.69
25 INCAT International Plc. UK 76.69
26 Tata Technologies Europe Limited UK 76.69
27 Tata Technologies Nordics AB UK 76.69
28 Tata Technologies GmbH Germany 76.69
29 Tata Technologies Inc. (Formerly known as INCAT GmbH) USA 76.74
30 Tata Technologies de Mexico, S.A. de C.V. Mexico 76.74
31 Cambric Limited USA 76.74
32 Tata Technologies SRL Romania Romania 76.74

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Sr. Country of % holding in

Name of the subsidiary
No. incorporation subsidiary
33 Tata Manufacturing Technologies (Shanghai) Limited China 76.69
34 Jaguar Land Rover Automotive Plc UK 100.00
35 Jaguar Land Rover Limited UK 100.00
36 Jaguar Land Rover Austria GmbH Austria 100.00
37 Jaguar Land Rover Belux NV Belgium 100.00
38 Jaguar Land Rover Japan Limited Japan 100.00
39 Jaguar Cars South Africa (Pty) Limited South Africa 100.00
40 JLR Nominee Company Limited UK 100.00
41 The Daimler Motor Company Limited UK 100.00
42 Daimler Transport Vehicles Limited UK 100.00
43 S.S. Cars Limited UK 100.00
44 The Lanchester Motor Company Limited UK 100.00
45 Jaguar Land Rover Deutschland GmbH Germany 100.00
46 Jaguar Land Rover Classic Deutschland GmbH Germany 100.00
47 Jaguar Land Rover Holdings Limited UK 100.00
48 Jaguar Land Rover North America LLC USA 100.00
49 Land Rover Ireland Limited Ireland 100.00
50 Jaguar Land Rover Nederland BV Netherlands 100.00
51 Jaguar Land Rover Portugal - Veiculos e Pecas, Lda. Portugal 100.00
52 Jaguar Land Rover Australia Pty Limited Australia 100.00
53 Jaguar Land Rover Italia Spa Italy 100.00
54 Jaguar Land Rover Espana SL Spain 100.00
55 Jaguar Land Rover Korea Company Limited South Korea 100.00
56 Jaguar Land Rover (China) Investment Co. Limited China 100.00
57 Jaguar Land Rover Canada ULC Canada 100.00
58 Jaguar Land Rover France, SAS France 100.00
59 Jaguar Land Rover (South Africa) (pty) Limited South Africa 100.00
Jaguar e Land Rover Brasil industria e Comercio de Veiculos
60 Brazil 100.00
LTDA
61 Limited Liability Company "Jaguar Land Rover" (Russia) Russia 100.00
62 Jaguar Land Rover (South Africa) Holdings Limited UK 100.00
63 Jaguar Land Rover India Limited India 100.00
64 Jaguar Cars Limited UK 100.00
65 Land Rover Exports Limited UK 100.00
66 Jaguar Land Rover Pension Trustees Limited UK 100.00
67 Jaguar Racing Limited UK 100.00
68 InMotion Ventures Limited UK 100.00
69 In-Car Ventures Limited UK 100.00
70 InMotion Ventures 2 Limited UK 100.00
71 InMotion Ventures 3 Limited UK 100.00
Shanghai Jaguar Land Rover Automotive Services Company
72 China 100.00
Limited
73 Jaguar Land Rover Slovakia s.r.o Slovakia 100.00
74 Jaguar Land Rover Singapore Pte. Ltd Singapore 100.00
75 Jaguar Land Rover Columbia S.A.S Columbia 100.00
76 PT Tata Motors Distribusi Indonesia Indonesia 100.00
77 Tata Motors Finance Solutions Limited India 100.00
78 Tata Motors Finance Limited India 100.00
79 Jaguar Land Rover Ireland (Services) Limited Ireland 100.00
80 Jaguar Land Rover Taiwan Company Limited Taiwan 100.00
81 Jaguar Land Rover Servicios Mexico, S.A. de C.V. Mexico 100.00
82 Jaguar Land Rover Mexico, S.A.P.I. de C.V. Mexico 100.00

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Sr. Country of % holding in

Name of the subsidiary
No. incorporation subsidiary
83 Jaguar Land Rover Hungary KFT Hungary 100.00
84 Jaguar Land Rover Classic USA LLC USA 100.00
85 Jaguar Land Rover Ventures Limited UK 100.00
86 Bowler Motors Limited UK 100.00
87 Jaguar Land Rover (Ningbo) Trading Co. Limited China 100.00
TML Smart City Mobility Solutions (J&K) Private Limited
88 India 100.00
(Incorporated with effect from October 13, 2022)
89 Tata Technologies Limited Employees Stock Option Trust India 76.69
90 INCAT International Limited ESOP 2000 UK 76.69
*Effective holding % of the Company directly and through its subsidiaries.

10 CARE Ratings Ltd.

 Press Release

Contact us

Media Contact Analytical Contacts

Mradul Mishra Padmanabh Bhagavath

Director Senior Director
CARE Ratings Limited CARE Ratings Limited
Phone: +91-22-6754 3596 Phone: +91-22-6754 3407
E-mail: mradul.mishra@careedge.in E-mail: ps.bhagavath@careedge.in

Relationship Contact Pulkit Agarwal

Director
Pradeep Kumar V CARE Ratings Limited
Senior Director Phone: +91-22-6754 3505
CARE Ratings Limited E-mail: pulkit.agarwal@careedge.in
Phone: +91-44-2849 0876
E-mail: pradeep.kumar@careedge.in Arti Roy
Associate Director
CARE Ratings Limited
Phone: +91-22-6754 3657
E-mail: arti.roy@careedge.in

About us:
Established in 1993, CARE Ratings is one of the leading credit rating agencies in India. Registered under the Securities and
Exchange Board of India, it has been acknowledged as an External Credit Assessment Institution by the RBI. With an equitable
position in the Indian capital market, CARE Ratings provides a wide array of credit rating services that help corporates raise capital
and enable investors to make informed decisions. With an established track record of rating companies over almost three decades,
CARE Ratings follows a robust and transparent rating process that leverages its domain and analytical expertise, backed by the
methodologies congruent with the international best practices. CARE Ratings has played a pivotal role in developing bank debt
and capital market instruments, including commercial papers, corporate bonds and debentures, and structured credit.

Disclaimer:
The ratings issued by CARE Ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to
sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any security. These ratings do not convey suitability or price for the investor.
The agency does not constitute an audit on the rated entity. CARE Ratings has based its ratings/outlook based on information obtained from reliable and credible
sources. CARE Ratings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions
and the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE Ratings have paid a credit rating fee,
based on the amount and type of bank facilities/instruments. CARE Ratings or its subsidiaries/associates may also be involved with other commercial transactions with
the entity. In case of partnership/proprietary concerns, the rating/outlook assigned by CARE Ratings is, inter-alia, based on the capital deployed by the
partners/proprietors and the current financial strength of the firm. The ratings/outlook may change in case of withdrawal of capital, or the unsecured loans brought
in by the partners/proprietors in addition to the financial performance and other relevant factors. CARE Ratings is not responsible for any errors and states that it has
no financial liability whatsoever to the users of the ratings of CARE Ratings. The ratings of CARE Ratings do not factor in any rating-related trigger clauses as per the
terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and
triggered, the ratings may see volatility and sharp downgrades.

For the detailed Rationale Report and subscription information,

please visit www.careedge.in

11 CARE Ratings Ltd.