tata motors ltd-spon adr (TTM) Key Developments
Competition Commission of India Levies INR 13.4646 Billion Penalty on Tata Motors Limited
Aug 26 14
Tata Motors Limited announced that it has received an order dated August 25, 2014 from the Competition Commission of India (CCI) being one of the 14 Passenger Vehicle Manufacturers wherein a penalty of 2% of the average annual turn-over for the years Fiscal Year 2007-08, 2008-09 and 2009-10 has been imposed. Out of the total penalty levied on 14 Passenger Vehicle Manufacturers of aggregating INR 25.4465 billion, the penalty levied to Tata Motors is INR 13.464 billion being on the consolidated global turnover of the Tata Motors Group (instead of turnover only pertaining to Passenger Vehicle Business, in India). The Order pertains to proceedings initiated by CCI in 2011 for investigating the conduct of several leading Passenger Vehicle Manufacturers alleging restricted covenants imposed by them for supply of spare parts and other diagnostic tools in the after-market. In its Order the CCI has directed the 14 Passenger Vehicle companies to undertake in India compliances and filing of a report within 180 days. The Company would be filing an appeal against this order before the appropriate authorities.
Tata Motors Limited Launches New Zest Sub-Four-Metre Compact Sedan in North India
Aug 20 14
Tata Motors Limited has launched its new Zest sub-four-metre compact sedan in North India. The vehicle is priced from INR 464,000. The company plans to launch around two new models every year. The company will also launch the Bolt after the Zest.
Tata Motors Announces Global Sales Results for the Month of July 30, 2014
Aug 19 14
Tata Motors announced global sales results for the month of July 30, 2014. For the month the company recorded a global wholesales of 80,151 units, represents a decline of 8.5% year on year from the 87,566 units sold in the corresponding month of 2013. The figures include passenger vehicles sold under the Tata and Jaguar Land Rover (JLR) brands, and commercial vehicles sold under the Tata and Tata Daewoo brands. Wholesale shipments of passenger vehicles in July, at 49,001 units, were up 5% from 46,684 units in the same month of 2013, primarily as a result of a better performance by the automaker's luxury division, which registered growth of 12.2% year on year to 39,467 units. However, commercial vehicle sales continued their freefall, with monthly volumes of 31,150 units representing a steep decline of 23.8% year on year.
Tata And Another Company Interested In TagAZ
Aug 15 14
Negotiations are underway between Chery Automobile Co. Ltd. and Sberbank for the interest in the site of OOO TagAZ. Chery expressed interest in the site of “TagAZ” in April 2014. After the completion of the inventory and valuation of the property it is planned to be held the open trade and the sale of property to a strategic investor. Interest in the enterprise is also showed by Tata Motors Limited (BSE:500570) and another company,” said Sergey Gorban, Vice-Governor of the Rostov Region.
Three Companies Show Interest in TagAZ
Aug 14 14
The Deputy Governor of the Rostov region, Sergey Gorban said that Tata Motors Limited (BSE:500570) and another unnamed company are interested in allocation of their manufacturing processes at OOO tagAZ. China's Chery was earlier also reported to show interest in acquisition of TagAZ.