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Tata Motors Ltd

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  • 1. Tata Motors Ltd. : History of CompanyIndustryAuto - LCVs/HCVsBSE Code500570Face ValueRs. 10.00ChairmanMr. Ratan N TataNSE CodeTATAMOTORSMarket Lot1GroupTata GroupISIN NoINE155A01014Book Closure25/08/2009The company history sections lists out major chronological events that happened to the company.1945- The Company was incorporated on 1st September at Mumbai to manufacture diesel vehicles for commercial use, excavators, industrial shunter, dumpers, heavy forgings and machine tools.- The commerical diesel vehicles which were known `Tata Mercedes Benz' (TMB) are now called `Tata' vehicles after the expiry of the collaboration agreement with Daimler-Benz AG, West Germany. The company also used to manufacture pulp and paper making machinery.1946-Tata Enginering undertook manufacture of 5000 'KC' broad gauge open wagons for the Indian Railway.-The Managing Agency Tata Sons was transferred to Tata Industries on July 1, 1946. The Managing Agency system continued till it was abolished by an act of Parliament in 1970.1948-Steam Road Roller introduced in collaboration with Marshal Sons (UK) 1950 Collaboration signed with M/s Krauss-Maffei, W. Germany for manufacture of steam locomotives 1954 Collaboration with M/s Daimler -Benz AG, W.Germany, for the manufacture of medium commercial vehicles at Jamshedpur.1956- Steel foundry set up in collaboration with Usines Emile Henricot of Court St. Etienne, Belgium.1959- Research and Development Center set up at Jamshedpur.1960- The company's name, which was Tata Locomotive & Engineering Company Ltd.was changed to Tata Engineering & Locomotive Company Ltd.1961-Collaboration with M/s Pawling & Harnischfeger (P&H), U.S.A. for manufacture of cable type excavators and cranes.1963- A project for the production of large press tools and complex dies was undertaken in collaboration with Raymond. F. Thompson (Engineers) Ltd. UK.1965- With effect from 1st July the Investa Machine Tools and Engineering Co. Ltd. was amalgamated with the company and it became the Machine Tool Division.1968-Vehicle manufacture facilities steadily built up at Pune 1968 Collaboration with M/s Hueller Hille Gmbh, W. Germany, for the manufacture of unit construction special purpose machines.1970- Consequent to the amalgamation of Central Bank of India, Ltd., thecompany issued and allotted to the shareholders of erstwhile CentralBank of India, Ltd., 11,39,208 - 7.75% mortgaged debentures of Rs.100each on 1st October. Option was given to convert 50% of their facevalue of a block of 5 debentures into one equity share of the Companyat a premium of Rs.150 per share.- Consequently 3,19,825 debentures were submitted to convert 50% of their face value into 63,965 No. of equity shares. These shares were issued on 31st March 1975.- Subsequently, 3,19,824 debentures of Rs.50 each were consolidated into 1,59,912 debentures of Rs.100 each. As per the terms of issue, these debentures were to be redeemed at par anytime between 1.10.1975 to 30.9.1982.1971- Central Bank of India Ltd., was merged with the Company with effect from 24th April. Allotment of shares and debentures as per the terms of the scheme of amalgamation to the shareholders of Central Bank of India Ltd., was completed during January-March 1972.1972- During the year company made a sale of know-how to Tata Precision Industries Pvt Ltd in Singapore for the design and production of machinery and tools. The company was also appointed the technical consultants to TPIL for a period of 10 year for which the Company was to receive a royalty of 3.5% of net sales for seven years commencing from the date TPL start making profit.1974- The company entered into a joint venture with Tata Industries Sdn.Bhd. of Malaysia for the assembly of the Telco vehicles in Malaysia. 1979- The company issued 10,50,000-11% 7 year unsecured convertible bonds of Rs.450 each at par at an aggregate value of Rs.47.25 crores as follows: 2,54,701 bonds as rights to shareholders other than Daimler-Benz AG, West Germany: 1,44,444 bonds to Daimler-Benz Ag, West Germany; 1,15,355 bonds to employees and directors of the Company and 5,35,500 bonds to the public. The public offer as made during October 1980 and it was oversubscribed by five times. Conversion of bonds into equity shares will took place in 1983-84 and 1987-88.1983- The company issued 15% secured non convertible debentures of Rs.100 each aggregating to 30 crores in order to augment the long-term funds for working capital requirements and to meet the capital expenditure on its modernisation and replacement programme. This issue was made under the schemes, viz.,- (i) Cumulative interest payment scheme and- (ii) non-cumulative interest payment scheme, which the applicant could choose. It also offered these debentures simultaneously to other categories of persons like the resident convertible bondholders, debenture holders, depositors, preference shareholders, directors and the Company's employees, their friends and relations and business associates of the Company. These are redeemable at a premium of 5% on 1st Nov. 1997 under the non-cumulative interest payment scheme and in three equal annual instalments starting from 1st November 1997 under the cumulative interest scheme. The interest rate has been reduced to 14%. The company also privately placed 5,500,000-15% NCD's of Rs.100 each of the series.- 1,83,839 No. of equity shares issued (prem. Rs 14.79 per share) to holders of 10.5% deb. 10,10,696 No. of Equity Shares allotted (prem. Rs 60.70 per share) in conversion of 11% bonds (I Option).1984- The Govt. approval was received for increasing the vehicle manufacturing capacity to 35,520 vehicles per annum thereby bringing the total licensed capacity to 78,000 vehicles. A letter of intent was received for setting up a new plant for the manufacture of 9000 vehicles per annum in U.P which was later converted into an industrial licence.-Collaboration with M/s Hitachi Construction Machinery Co. Ltd., Japan, for manufacture of hydraulic excavators. Expansion of capacity at Pune.1984-Collaboration with M/s Hitachi Construction Machinery Co. Ltd., Japan, for manufacture of hydraulic excavators.1985- All the dies and many of the machine tools and production devices required for the new `TATA 407' and `TATA 608' series were produced by the Company in Capital Goods Division. The company started making CNC machines in Capital Goods Division and its engineers were receiving know-how and training from Nachi-Fujikoshi and Niigata of Japan with whom the Company was collaborating in these fields. A new electronics centres was also commisioned at Pune to support the manufacture and maintenance of this new generation of CNC machines.-Collaboration with Niigata Engineering Co. Ltd, Japanfor NC / CNC Horizontal Machining Centers and with Nachi-Fujikoshi Corp., Japan for NC /CNC In line Machining Centers and flexible manufacturing systems.1986- The company issued 40,00,000 15% NCD's at the rate of Rs.100 each for Rs.40 cr on rights basis. Subsequently 20,00,000 additional debentures were issued to retain over-subscription. These were allotted on 31 Dec. 1986 and are redeemable in 3 equal instalments off Rs 35 each at the end of the 7th, 8th, and 9th year at a premium of 5% being included in the 1st instalment.1987- The Company offered during August/September 11,15,790-12.5% secured convertible debentures of Rs.950 each as follows: (i) 8,87,368 debentures to the existing shareholders in the proportion of 1 debenture for every 6 equity shares held: (ii) 1,75,789 debentures to the holder of 11% convertible bonds in the proportion of 1 debenture for every 6 bonds held and (iii) 52,633 debentures to the employees (including Indian Working Directors)/workers of the Company on an equitable basis (only 35,864 debentures were taken up). Additional 2,65,789 convertible debentures were issued to retain over subscription in the cartegories (i) and (ii).- 10,10,196 Equity shares allotted (prem. Rs 60.70 per shares) in con. of 11% bonds in 1987-88. 40,69,573 No. of Equity shares allotted in con. of 12.5% deb. in 1988-89.1988- The Tata mobile pick up entirely designed and engineered by Telco was launched in July 1988. It also obtained know how for the manufacture of thin walled automotive aluminium castings from Kloth Senking Metallgiesserei Stahl Gmbh, West Germany. A portion of Rs.550 of each debenture issued in 1987 got converted into 2 equity shares of Rs.100 each at a premium of Rs.175 on 1st April 1988. A part of the remaining debentures were converted into 13,39,953 equity shares on 1st October 1988. The balance was either retained by the holders as debentures or sold back to the company by them at face value.- During the year company undertook to set up a new forge shop, a high output foundry line, a new paint shop as well as augmentation of engine and gearbox manufacturing facilities, all at Jamshedpur. Test facilities such as specially constructed gradient track to check the climbing capability of vehicles and their ability to start on an incline was added to the Engineering Research Centre at Pune.- During the year company negotiating with Daimler-Benz for manufacturing their World Concept Truck in India. These vehicles were to be marketed overseas by Daimler-Benz under their brand which would lead to technological upgradation of the existing range of vehicles in India.1989- The company acquired 25% of the market share in the light commercial vehicles. The company signed an agreement with Hitachi Construction Machinery Co.Ltd. Japan for the manufacture of a more advanced series of hydraulic excavators ie, `EX'series.- During the year, Nachi-Fujikoshi, a collaborator of the Company agreed to buy the online machinery centres made in Telco's machine tool division. A letter of intent was also received for supplying vehicle aggregates to Mercedes Ben 355 Indonesian Partner. - During the year company obtained know-how for the manufacture of thin-walled automotive aluminum casting from Kloth Senking Metallgiesserei GmbH, a subsidiary of Salzgitter Stahl GmbH, West Germany.- 57,000-13.5% pref. shares redeemed. Equity shares sub-divided on 5.1.1990. 8,590 No. of equity shares of Rs 10 each issued (prem. Rs 30 per share) in part conv. of 12.5% debs. (Part B)>- The Company entered into an agreement with Cummins Engine Company Inc. USA for forming a 50% - 50% joint venture to produce fuel efficient engines with low-commission characteristics for powering the Company's range of Medium/heavy vehicles. The Company was incorporated in October 1993. Its factory is to be established at Jamshedpur.1990- A new model of earthmoving equipment the TWK-3036 Tata Front End Wheel Loader was introduced.- 57,000 - 13.5% pref. shares redeemed.1991- During the year the company entered into a collaborative agreement with an internationally renowned engine research and development organisation to jointly develop higher horsepower, fuel efficient diesel and petrol engines to meet the future requirements of the company.- The last quarter saw the company launching two new passenger vehicles, the SIERRA and the ESTATE totally designed and manufactured in India. The company acquired a BIFR company, M/s Noduron Founders Maharashtra Ltd. The total cost for Telco worked out to Rs.18 crores as against setting up of similar critical castings foundry.- During the year company launched a new earth moving equipment TWK-3036 Tata Front End Wheel Loader.- During February 1991 the company issued 207,34,603-12.5% secured partly convertible debentures of Rs.150 each on rights basis to the equity shareholders in the ratio of 5. Additional deb. 30,65,092 were allotted to retain oversubscription. Simultaneously 10,36,730 deb were offered to employees and an additional issue of 1,55,510 deb was made to retain oversubscription. All deb. were alloted on 25 April 1991. Part `A' of Rs. 50 was to be converted into 1 equity share of Rs 10 each at a premium of Rs 40 per share at the end of six months from the date of allotment. The balance of Rs.100 of part `B' of each debenture would be redeemed at the end of the 8th year from the date of allotment.- All Pref. Shares redeemed. 248,24,008 equity shares allotted in conversion of debs. (3,340 shares-prem. Rs 30 per share; 27,60,868 shares (fully paid) prem. Rs 40 per share and 220,59,800 shares (partly paid) prem. Rs 20 per partly paid share.- Two new models in the EX series of hydraulic excavators were launched. A 10 tonne pick and carry articulated crane, designed and developed in-house was also introduced.1992- During this period two new models in the EX series of hydraulic excavators were launched. And a 10 tonne pick and carry articulated crane, designed and developed in-house was also introduced. With the help of Hitachi Construction Machinery Co. Ltd., EX-400 model Hydraulic excavator was introduced during the year.- The Company undertook to estabish a joint venture with Mercedes-Benz to manufacture automobile products for sale in India and to meet the needs of export markets. The project also included the possibility of manufacture of a Mercedes Benz passenger car for the domestic and foreign markets. Mercedes-Benz India Pvt. Ltd., was incorporated on November 1994 which commenced initial assembly of cars in March 1995.- During the year company entered into an agreement with Nachi-Fujikoshi Corporation, Japan to manufacture arc and spot welding robots suitable for automobile manufacturing applications.- During the year, company undertook to set up a joint venture with Asian Glass Co. Ltd., Japan to manufacture float glass to be used as wind shields for automobiles. ACC along with Tata Exports Ltd., participated in the joint venture. The joint venture named as Floathlass India Ltd., the Company would have a stake of 16.33%.- Tata Cummins Ltd., Mercedes-Benz (India) Ltd., Tata Holset Ltd., Tata Precision Industires, Singapore and Nita Company Ltd., are the joint Ventures of the Company.- 1,83,823 equity shares allotted without payment in cash to members for Noduron Founders Ltd. on its merger. Another 1,54,809 equity shares allotted (prem. Rs.40 per share) in conversion of debentures.1992- Production of MCV's commenced at Lucknow.1993- During the year company introduced the Tata full forward 609 LP bus and Tata 609 SFC semi forward version. It was proposed to introduce new four cylinder petrol engine during mid 1995.- During the year Telco entered into an agreement with Cummins Engine Company Inc. USA for forming a 50%-50% joint venture to produce fuel efficient engines with low-commission characteristics for powering the Company's range of Medium/heavy vehicles. Its factory is to be established at Jamshedpur for an annual output of 67,000 engines.- Tata vehicles were launched in Argentina Chill, Paraguay etc.- Joint Venture Agreement signed with Cummins Engine Co. Inc.to manufacture high horsepower and emission-friendly diesel engines for medium and heavy commercial vehicles.1994- During the year company introduced the Tata SUMO and LPT 709. Thecompany developed a new fuel injected, 4 cylinder petrol engine withthe assistance of AVL Austria.- During the year company manufactured 4 basic robot for spot welding, sealant application and arc-welding. Also manufactured a 3 axis copy milling machine, a 2 station 2 spindle fine boring machine and a crank pin milling machine. - On 22nd April an agreement was entered into between Daimler-Benz AG and Merceded Benz India to manufacture `E' Class paneyer cans and engines in India. The project is to be located at near Telco's factory in Pune with capacity to manufacture 20,000 cars and 30,000 engines.- Tata Technologies (India) Ltd., Sheba Properties Ltd., and Matruchhaya Capital and Finance Ltd., are all subsidiaries of the Company.- On September, the company jointly with Tata Exports Ltd., and Tata Industries Ltd., signed an agreement with Holset Engineering Ltd. UK to set up a joint venture company to manufacture Holset turbochargers. Accordingly Tata Holset Private Ltd., was established on 20th December. - During the same year a new foundry was commissioned at Pune to produce high pressure die cast and granting die-cast aluminium components for automobiles. Production commenced from March.- During July, the company offered 36,11,758 Global Depositary shares and 36,11,758 warrants along with international units purchase 1 Each warrant entitiled the holder to share of US $ 15.46 (Subject to adjustment in case of bonus/Right issue) during the period of 8th March.- Effective 25th July, the Company allotted 82,14,288 shares of Rs 10 each against the GDRs.- The Company successfully launched high performance, low emission and fuel efficient medium commercial vehicles with cummins engines in Kuwait, Kenya, Zambia and Ghana.- The Company also proposed to introduce vehicles with cummin engines in the heavy commercial vehicles segment.- Taking advantage of the broad banding policy announced by the Government of India, the Company entered into a collaboration agreement with Honda Motor Co. Ltd., Japan, for the manufacture of their `ACCORD' model of cars in India.- A shovel version of model EX 300 LC was introduced.- A 6 tonne mini excavator was launched.- On 22nd April, an agreement was entered into between Daimler-Benz AG and Mercedes Benz AG, Germany to setup a joint venture company Mercedez-Benz India to manufacture `E' class paneyer cans and engines in India.- Tata Technologies (India) Ltd., Sheba Properties Ltd., and Matruchhaya Capital and Finance Ltd., are all subsidiaries of the Company.- 82,14,288 shares allotted against GDR.1995- During the year a new double pick-up and Army Version of various Telco Vehicles were developed. A new pero engine and turbo diesel engine, an up-graded 709 LCV, new sports utility vehicle Safari expected to be launched shortly.- A 25 tonne 6 X 2 truck and a bus with cummins engine were launched.- Tata Engineering and Locomotive Company (TELCO), has acquired a second hand paint shop, machine line and cylinders from the Australian unit of the Japanese auto giant, Nissan. TELCO is believed to have picked up the unit for Rs. 70 crore. The total cost of import duty would be Rs 100 crore.- During the year a machine tool division was expanded so as to double its machine building capacity and significantly reduce production times.- During December, company issued 58,86,697 warrants to Tata Companies and Daimler Benz AG with a right to subscribe to one ordinary share per warrant at Rs.362 per share before 27th. 30,84,414 shares were allotted.- 860,49,140 bonus shares issued in prop. 3:5, 187,73,487 No. of equity shares allotted on exercise of warrants.- A new double pick-up and army version of various Telco Vehicles were developed.1996- TELCO has decided to launch a new indigenous family car, by the middle of 1996. The company seeks to manufacture a 900cc engine car. The car would cater to the domestic as well as the export market. Initially, a production of 150,000 cars is envisaged. The production would be significantly increased in the next few years, to make TELCO, the largest producer of small engine cars in the country. - During the the company introduced the 70-tonne Tata-Hitachi Ex-700 Shovel, the largest in the value of Ex series of hydraulic excavation fielded by Teleco. Also, a back-hoc version of Ex-400 model was launched and the Ex-300 LC model was specially modified for use in granite mining operations.- During the year a new collaboration agreement was signed with Nachi-Fujikshi Corporation, Japan to manufacture and advanced generation of Robots.- The Company allotted 140,35,086 No. of equity shares of Rs 10 each through Global Depositary Receipts (GDR's) in the international market aggregating US $200 million.- The Company has launched " Tata Safari" in its Multi utility vehicle segment.-Tata Holset's turbo charger plant inaugurated on November 25, 1996.1997- To meet the planned long-term capital requirement of funds, the Company issued unsecured 10 year Yankee Bonds totalling US $ 200 million in the overseas market in July 1997.- To meet its working capital needs, the Company issued Commercial Paper (CP) of Rs. 300 crores for the first time. The CP programme was given the highest rating of `A1 +' by the Investment Credit Rating Agency (ICRA).- In November 1997, the Company made a private placement of 7-year Secured Non-Convertible Debentures of Rs. 115 crores @ 12.25% - one of the lowest rates for any such issue in the market.- The Company made into auto related joint ventures promoted by Tata Industires Ltd., viz., Tata Auto Comp Systems Ltd., and Concorde Motors Ltd. (CML). CML estabished in associations with Jardine Matheson Group, Hongkong would set up showcase dealerships in India for retaining automobiles.- A new information technology company, Tata Technologies (India) (TTIL), providing solutions to engineering, manufacturing and distribution industries has been set up as a subsidiary of Telco.- The Tatas are all set to establish a unit for producing trucks and earth moving equipment at Dharwad.- The Tata Engineering and Locomotive Company Ltd. (TELCO) has emerged as numero uno in the Review 200 survey conducted by the Far Eastern Economic Review in association with Citi Bank.- Telco proposes to develop and produce various new models at an investment of Rs.20 billion over the next few years.- Automobile giant Telco will be installing an electronic data interchange (EDI) network that will connect the Telco plants, with its vendors.- The Tata Engineering & Locomotive Company (Telco) will pick up a 7.2 per cent stake and ACC Ltd 18.8 per cent in the revised equity structure of Bridgestone-ACC, thus paving the way for a fresh round of speculation on whether the cement major is actually out of the Tata fold.- Telco became the first Indian private company to reach the sales of Rs.10,000 crore.- Telco has entered into an alliance with Bridgestone to promote a new company, in which Bridgestone will hold a 51 per cent equity stake, to manufacture automotive tyres.- The company will set up a 1.5-lakh per annum capacity car unit. The proposed plant will be part of a comprehensive facility being set up by Telco which will have flexible lines capable of manufacturing the small car, the Sumo and other models which are being worked out.- Telco's collaboration with John Deere is for the manufacture of 2.5 cum backhoe loaders which the company proposes to introduce in domestic markets later this year. The company's technical agreement with Hitachi is for the manufacture of a 60-tonne hydraulic excavator which is slated to hit the market this year itself.- The agreement with Le Moteur Moderne is for the development of diesel and petrol engines for its passenger car project. With Nachi-Fujikoshi, Telco plans to make an advanced generation of robots to be used to weldline for the manufacture of Bodies-in-White (BIWs) and to perform other operations during the manufacture of small cars to ensure quality, accuracy, and fatigue-free high volume production. - Telco's $200-million Yankee bond issue has been awarded a NAIC 2 by the insurance companies rating standard in the United States. Telco is only the second Yankee bond issue from India after Reliance Industries and is the country's lowest-priced international bond. Telco is rated Baa3 by Moody's and BB+ by Standard & Poor's, which are also India's sovereign ratings.- The Tata Engineering & Locomotive Company (Telco) management has signed a wage agreement with the Telco Employees' Union at the Pimpri-Chinchwad manufacturing facility conceding a wage hike of Rs.1,701 per month.- The Karnataka plant is being set up to build special purpose and heavy duty vehicles. It will, however, initially assemble company's 4,021 trucks and earth moving equipments and excavators.- Telco is showcasing its sportscar `Telsport' 4X4 for the first time at the fourth Middle East International Show opening at Dubai on 10.11.97.- Telco is the second Indian four wheel maker after Mahindra and Mahindra to participate in the show which has attracted 200 exhibitors from 28 countries including world market leaders like BMW and Mercedes.- Telcosport will be TELCO's first entrant in the passenger vehicle segment to be followed by a five-door SUV in the later part of next year.- The Industrial Credit & Investment Corporation of India (ICICI) has entered into a Rs 167-crore structured deal with Telco. This is the largest asset securitisation deal in the country.- Tata Industries Ltd (TIL) is setting up a 50:50 joint venture in alliance with Jardine International Motors Ltd (JIML) for establishing an automobile retail and after-sales service company which will operate dealerships for Telco passenger cars in certain cities in India.- The Company introduced a 9-tonne vehicle which was well received in the market. A 40 tonne tractor trailer powered by a Tata Cummins Engineering was introduced.- The Company developed a low floor bus chassis to meet the specific needs of urban transport.- The Company signed a new agreement with Hitachi for manufacture of upgraded versions of existing range of excavators.1998- Telco proposes to set up authorised service stations every 100 km on every highway.- Telco is proposing to commercially produce compact, efficient and economically viable vehicles which use alternative fuels within the next two years.- The Tata group has signed a joint venture with Jardine International Motor Mauritious (JIMM) to establish a passenger car dealership network in the country.- Jardine International Motors (JIM), which recently set up a Rs.86-crore joint venture vehicle dealership network, called Concorde Motors Pvt. Ltd, in league with Tata Industries and Telco, has shown interest in representing the latter in export markets.- Tata Engineering and Locomotive Company Ltd (Telco) announced a tie-up with Tata Finance Ltd and ANZ Grindlays Banks as the official financiers for its small car " Indica" to be launched in December.- Tata Engineering Locomotive Company Ltd (Telco) is selling its construction equipment business into a new subsidiary company, Telco Construction Equipment Company Ltd.- The Company in its small car segment has launched " Tata Indica" which evoked an overwhelming response in the Indian market.- A new range of cummins engine powered vehicle which include a 35 tonne and a 40 tonne articulated truck and two variants of buses.- To make substantial improvement in the quality of bus bodies available with TATA vehicles, the Company encouraged a collaboration between Fuji Heavy Industries of Japan and the Automobile corporation of Goa. The new project undertakes production of bodies on TATA chassis, conforming to the most exacting international standards. - Concorde Motors Ltd., a Joint Venture between Tata Engineering and Jardine International Motors (Mauritius) Ltd. was appointed as dealer for the Company's passenger cars in several cities across the country, in Feb 1998.1999- Telco is the first Indian manufacturer to offer commercial vehicles meeting euro-I emission norms, a year before they are due to be introduced in the country. - It is proposed to make TCECL a one-stop shop for construction equipment and earthmoving machinery.- TATA Engineering and Locomotive Company Ltd (Telco) will receive a consideration of Rs 200 crore as equity and share premium and the rest as loans valued at Rs 400 crore from the sale of its construction equipment division.- In Oct 1999, the Company won the National award for R&D Efforts in Development of Indigenous Technology in the Mechanical Engineering Industries Sector instituted by Department of Scientific and Industrial Research, Ministry of Science and Technology for the year 1999.- The company obtained shareholders' approval for hiving off the division into a 100 per cent subsidiary, Telco Construction Equipment Company Ltd (TCECL), at an extra general body meeting (EGM) held here in Mumbai today.- Tata Engineering & Locomotive Company Ltd. Spun off into a joint venture company, the CEBU would be able to make a range of products, besides maintaining dominant market share in existing products.- Tata Holset is a 50:50 joint venture between Telco and its foreign partner.- SKF Bearings India Ltd has signed an agreement with Telco to supply hub bearings for its latest model Tata Indica.- Telco presently has a joint venture with Daimler-Chrysler in India, Mercedes Benz India, which manufactures the top-of-the-line Rs 26 lakh-plus Mercedes Benz E Class. Telco has reduced its stake in the venture to around 14 per cent.- Tata Technologies, a Telco subsidiary, has launched a value chain management (VCM) system designed to enable value-based interaction between business partners and manufacturers.- Machine Tools and Growth Divisions, Axle Division and Transmission Division of Tata Engineering transferred to newly formed subsidiaries Telco Automation Ltd., HV Axles Ltd.2000- The Company has declared a lockout at its Lucknow plant following employee unrest and policy firing. Employees have been demanding parity in wages with their counterparts in the Telco establishments at Jamshedpur and Pune.- The Company is working towards introducing two new petrol-driven variants of its small car Indica, powered by a multi-point fuel injection engine.- The Company has launched the Indica 2000, the Euro II Complaint, 75 BHP multi-point fuel injection (MPFI) version of Indica.- The Company has won the National Technology Award for indigenous development and commercialisation of the Tata Indica car.- The Company has launched its new hi-tech Indica 2000 car with MPFI petro engine in Guwahati.- Tata Engineering is all set to become the first company in the group to offer ESOPs to employees.- The Engineering is exploring marketing tie-up with global automobile firms.- The Company is decentralising the marketing operations of its commercial vehicle business.- The Company has shut down its commercial vehicles assembling unit at Lucknow following persistent labour problems.- Telco has decided to defer the launch of its mid-sized passenger car, Magna, to around June 2002.- Tata Engineering & Locomotive Co., is renamed as Tata Engineering Ltd. It has replaced its three-shift production line with a one-shift daily schedule starting from 26th June.- The Company has launched a programme `Super bazar' for owners of commercial vehicles whereby they can get their vehicles evaluated on the spot as to present value and investment required for upgradation.- The Company has appointed ICICI as a preferred financier for customers buying its range of vehicles, including the Indica.- Tata Engineering has seen a marginal increase in its market share in the utility vehicle segment to 26.1 per cent for the period April-July.- R B Khadikar, vice-president of engineering centre, telco has been presented the " outstanding automobile engineer of the year award" for 1999.- The five-month-old lockout in the Lucknow unit of heavy automobiles giant Tata Engineering and Locomotive Company has been lifted an agreement between he management and employees.- ICRA has revised the rating assigned to the Rs 600-crore long-term NCD programmes of auto majorTelco from `LAAA', indicating highest safety to `LAA+' indicating high safety.- FICCI-SEDF- Businessworld-Compaq award for social responsiveness was awarded to the company.- The Central Pollution Control Board for Environmental Technology award has been presented to Tata Engineering in recognition of its contributuon towards efforts to conserve the environment.- The Premier vehicle manufacturer of the country, TELCO, has closed down its unit for maintenance for seven days from 27th November for the first time in its 47-year history.- Tata Engineering has joined hands with Daimler-Chrysler, the world's third largest auto conglomerate, forming a consortium to bid for an order of 60,000 light commercial vehicles from the South African government.- V Krishnan has been appointed as Vice-President of Telco.- The Company has bought a group pension insurance scheme for its employees from the Life Insurance Corporation.2001- Tata Engineering has decided to go in for a strategic alliance with world leaders of engines, gearboxes and axles.- Crisil has downgraded the Rs 177 crore non-convertible debenture (NCD) issue of Tata Engineering to AA from AA+.- Despite the slowdown in demand, Telco is targeting an 18 per cent growth in its passenger car and utility vehicle volumes in the current fiscal.- Telco and PSA Peugeot Citroen have called off the proposed venture for developing a mid-size passenger car.- TATA Engineering on September 10 announced the addition of MPFI petrol version to the Indica V2 range. The model will be available at an ex-showroom price beginning Rs 3.22 lakh outside Mumbai.- Tata Engineering and Locomotive Company, passing through its most difficult phase in recent years, is planning to raise about Rs 300 crore through the sale of investments.2002-Foreign Institutional Investors (FII) hike stake in the company to 13.34%-Launches six new products in light, medium and heavy vehicles segments on Jan 15 during Auto Expo-Announces financial restructuring-Displays its Tata Sedan car at the Geneva Motor Show-Indica adjudged top selling B-segment car in 2002-Launches two new motorsport cars (The Zero and Double Zero Pace cars)-High Court Approves Tata Engineering's Financial Restructuring-Tata Engg, BPCL tie up to market co-branded lubricants-Tata Steel's investment in Tata Engineering has been hiked to Rs 117.98 crore over the last year-Telco names Sedan as Tata Indigo-Unveils 'EX' series of medium and heavy commercial vehicles-Signs agreement with Depository for two way fungibility of GDRs with Ordinary Shares-Begins work on its new second generation platform, which would replace the existing car with the utility vehicle platforms in all its products-Uses Tata Safari in Ram Gopal Varma's film 'Road', spends close to Rs 1 crore for the in-film product placement-Indica sales cross two-lakh mark-Collaborates with Nippon-Arcelor for technical knowhow on CR steel-Increases its equity in Concorde Motors to 49%-Mops up Rs 100 cr through debenture issue-Unveils the 207 DI, the first of its small commercial vehicles (SCV) in Maharashtra with a focus on the LCV segment-Launches new range of Tata Safari-Acquires 5.91% stake in Tata Precision Industries Pte Ltd., Singapore, taking the stakeholding in the company to 49.99%-Ties up a manufacturing & supply agreement with MG Rover Group of the UK-Floats division to develop used car market-Releases medium size segment car Indigo in Andhra Pradesh2003-Unveils Tata 207 DI in Andhra Pradesh-Telco's sedan debutes at the top of the C-segment sales-Receives Teri's (The Energy and Resources Institute) CoRE-BCSD (Corporate roundtable on development of strategies for sustainable development and environment-business council for sustainable development) corporate social responsibility (CSR) awards for '01-02-Brings down price of passenger car following the excise duty reduction in the Budget-Unveils Indigo Station Wagon at the Geneva Auto Show-Signs distribution agreement with Rover for Safari in UK-Standard & Poor's Ratings Services revises the outlook on its `BB-' rating for Tata Engineering to stable from negative-Overtakes Hyundai in passenger vehicle market-Unveils 'Tata 207 DI' in Delhi-For the first time in the auto industry, Tata Engineering outsources the manufacturing activities of its special, fully-built vehicles range that includes ambulances, tippers produced at Dharwar unit in Karnataka-Company turns around, posts profit of Rs 300.11 crore as against the loss of Rs 53.73 crore the previous corresponding period-Unveils 'Tata 207 DI' in Mumbai-International Finance Corporation (IFC), the private lending arm of the World Bank, inks $50 mn loan agreement with Telco-Company name changed from Tata Engineering & Locomotive Company Ltd. (Telco) to Tata Motors Ltd. (TML) with effect from July 29, 2003-Successfully completes Foreign Currency Convertible Bond offering aggregating $90 million with a green shop option of $10 million-Issues 1% convertible notes due 2008-Tata Motors, IOC tie-up for joint marketing services-Unveils a customer care campaign called Project Vishwaas for its commercial customers across the country-Crosses production milestone of 3 million-Unleashes Safari's petrol version; priced at Rs 9.35 lakh-Unveils CityRover-Tata Motors Ltd signed a binding Memorandum of Understanding (MoU) with Deawoo Commercial Vehicle Company Ltd (DWCV), Korea for the acquisition of this company.-Introduces Tata SFC 407 EX Turbo Light Commercial Vehicle (LCV)- The Company shall be changed from 'TELCO ' to 'TATAMOTORS' w.e.f December 24, 2003.-Tata Safari ranks No 1 in MUV/SUV segment2004-Tata Motors launch an upgraded version Indica on January 15, 2004, in a bid to shore up sales of the small car.-Auto Expo: Tata unveils new version of Indica-Tata Motors unveils Indica V2- Tata Motors launches new Indica V2 in Kerala-Tata Motors introduces new 'Indicab' for tour operators-The much hyped Rs one lakh passenger car project of Tata Motors was going ahead as planned.-Tata Motors in talks with bus body builders to franchise manufacturing-Tata Motors enters agreement with Ukraine bus building firm-Tata Motors enters into agreement with Etalon-In a move to consolidate its presence in the light commercial vehicles segment, Tata Motors has launched a new variant of its 407 series with increased pay load capacity called SFC 407EX.-Tata Motors buys Daewoo truck unit for Rs 465 crore-Tata Motors unveils Tata SFC 407 EX in Kerala-Tata Motors inks agreement with Austrian, French companies-Acquires Daewoo Commercial Vehicle Company Ltd (DWCV), Korea.-Tata Motors launches new 6-tn truck- Tata Motors forays into used truck biz with Tata Preowned-Tata Motors, the country's largest commercial vehicles manufacturer unveiled the new LPT 909EX Turbo Truck in Tamil Nadu.-Tata Motors and Tata Africa unveiled a range of passenger cars, utility vehicles, pick-ups, trucks and buses for the South African market-Tata Motors has launched a facelifted version of its multiutility vehicle, Tata Sumo-Tata mototrs rolls out Tata SFC 407EX BS II turbo light commercial vehicle- HR-training division of Tata Motors bags the prestigious and internationally recognised " Golden Peacock National Training Award" in the category of `Large Employer'.-Tata Motors launches Indigo Marina on September 14, 2004-Tata Motors joins hands with Magma Leasing Ltd-Bharat Petroleum Corporation Ltd (BPCL) has entered into a marketing tie-up with automobile manufacturer Tata Motors for marketing of engine oils as co-branded lubricants for their commercial vehicles-Tata unveils Indigo Marina in Kerala-Andhra Bank ties up with Tata Motors-Tata Motors unveils 2 new versions of Indica-Tata Motors has tied-up with Corporation Bank to offer finance options for passenger car vehicles at nine per cent interest for a three repayment period and 9.5 per cent interest for five year repayment-Tata Motors on December 7, 2004, signs an MoU with State Bank of India (SBI)2005-Tata Motors inks agreement with Hispano Carrocera for 21 pc stake-Tata Motors & Hispano Carrocera SA sign Investment Agreement-Tata Motors partners with IOC for bio-diesel pilot project-Tata Motors launches ACE-Tata Motors unveils Tata Safari DICOR in Kerala market on August 11, 2005.-Tata Motors rolls out 2 luxury variants of Indigo-Sumantran quits Tata Motors-Tata Motors unveiled new Indica V2 Turbo with a price tag of Rs 4.10 lakh for DLG variant and Rs 4.31 lakh for DLX-Tata Motors unveils Novus-Tata Motors ropes in CVTech to make parts for its small car-Tata Daewoo inks pact with Pakistan co.2006-Tata Motors launches Cliffrider2007- Tata Motors has been presented the Golden Peacock Global Award for Corporate Social Responsibility (CSR) in the Large Business category by the Institute of Directors.- Tata Motors buys Nissan facility in S. Africa.- Tata Motors has got a prestigious order from the Delhi Transport Corporation (DTC) for 500 non-AC, CNG-propelled buses.- Tata Motors Ltd has appointed Mr. P M Telang as Executive Director (Commercial Vehicles).- Tata Motors Ltd has informed about the appointment of Dr. R A Mashelkar, Independent Director as an Additional Director of the Company with immediate effect.- Tata Motors has rolled out the Sumo Victa Turbo DI, the new advanced range of its entry-level utility vehicle, the Sumo Spacio.2008-Tata Motors signs deal with Chrysler electric vehicle unit.- Tata Motors launched out the new generation of its flagship passenger car Indica on Aug 23. The new model called 'Indica Vista' 3.8 m long and 1.7 m wide is larger than the existing Indica and has more interior space than the original one.2009- Tata Motors has entered into an agreement with Andhra Bank for financing its range of passenger vehicles, which will provide an added facility of car finance to its customers.- Tata Motors Ltd has appointed Mr. V K Jairath, Independent Director as an Additional Director of the Company with effective from March 31, 2009.Maruti Suzuki India Ltd. : History of CompanyIndustryAuto - Cars & JeepsBSE Code532500Face ValueRs. 5.00ChairmanMr. R C BhargavaNSE CodeMARUTIMarket Lot1GroupMNC AssociateISIN NoINE585B01010Book Closure02/09/2009The company history sections lists out major chronological events that happened to the company.YEAR EVENTS2000 - The Company was awarded the " Highest Exporter Award" in New Delhi.- ICRA has assigned `LAAA' rating to the Rs. 200-crore long-term non-convertible debenture programme and `A1+' rating to the Rs. 100-crore commercial paper programe of the company.- The Company has launched a new Web site for its recently introduced passenger car, the Wagon-R - www.marutiwagonr.com.- The Company has decided to introduce a new variant of the Zen specially designed for the handicapped by the end of the year. - The Company will issue bonds for Rs 200 crore at ICICI Securities and Finance Ltd. - The Company has proposed to set up a dealership on the Internet for the new models.- Maruti Udyog Ltd and Ashok Leyland Ltd (ALL) have been selected for the IRTE National Award, in recognition of their efforts towards promoting the cause of road safety, traffic managemen and environment protection.- Maruti Udyog Ltd. has taken the Zen account away from Lintas Lowe & Partners and granted it to Rediffusion DY&R. - The Company is launching Baleno's station wagon version - Baleno Altura on September 1.- Maruti Udyog is launching the Wagon R with electric power steering in two variants.- Maruti Udyog Ltd. has discontinued two of its models - Maruti 1000 and Gypsy 1000 - as part of efforts to " rationalise" product range.- Sumitomo of Japan is picking up a 47.5 per cent stake in a joint venture with Maruti Udyog Ltd for providing after sales care and service for Maurti vehicles.- Maruti Udyog Ltd. suspended vehicle production for two days on September 19 and 20 due to huge inventories of 12,000-odd units at the factory. The Company resumed the production on September 21.- Maruti Udyog Ltd. has introduced its long-awaited small car -- the Suzuki Alto in two versions, the 796cc Alto LX and the 1,061cc Alto VX 1.1.- Production at the manufacturing facilities of Maruti Udyog Ltd. came to a grinding halt on 13th of October when the employees of the company refused to sign a `Good Conduct Undertaking'.- Maruti Cars have overtaken hitherto popular Japanese brands to become the number one favourite among Sri Lankans.- The Company has launched a programme in alliance with GE Capital to provide information on the company's vehicles and services. - The Strike at the Gurgaon plant for over three months, relented and signed an agreemeent with the management.2001 - Rights issue of equity in Maruti Udyog Ltd, which would lead to an eventual sell-off of the Government's equity in the passenger car joint venture.- Maruti Udyog is launching its first factory-fitted CNG vehicle in a bid to promote use of eco-friendly vehicles in the domestic market. - Maruti Udyog sold 37,490 units in March 2001, 28 per cent more than in February, when it sold 29,569 passenger cars.- Maruti Udyog Ltd. has awarded the Maruti Genuine Paints status to ICI Ltd's ICI Autocolor 2K. - MARUTI Udyog will invest Rs 550 crore in the current fiscal besides targeting an over 24 per cent rise in turnover at Rs 11,500 crore- Government secures the involvement of FIs in its attempt to disinvest in Maruti Udyog Ltd.- India's largest carmaker Maruti Udyog on on August 23rd launched a variant of its premium small car model 'Alto'. The new model 'Alto vxi' would be equipped with Maruti's true response electronic power steering which is safe and provides better steering control at high speed, a company official said.- Maruti Udyog Ltd on September 24 notified its proposed voluntary retirement scheme (VRS) expected to trim its 5,700 strong workforce by around 20 per cent. Close to 1,000 employees shopfloor workmen and office staff can avail the month-long VRS aimed at boosting profitability.-Maruti Udyog Ltd's first voluntary retirement scheme (VRS), which closed on October23, has found about 1,000 takers.2002-The government on May 14, 2002 set into motion big-ticket disinvestment in 2002-03 by announcing a two-stage process to exit from Maruti Udyog Ltd, a joint venture with Suzuki Motor Company.-Announcing the decision, Disinvestment Minister Arun Shourie said a Rs 400 crore rights issue to be completely picked up by Suzuki at Rs 3,280 per share will be accompanied by the Japanese auto major paying a control premium of Rs 1,000 crore for gaining a majority stake.-Launches Maruti Finance to offer value-added services such as extended warranty, additional service, finance for car insurance and genuine Maruti accessories-Steps into auto accessories business-Hikes prices of its cars with effect from 28th Jan 2002-Launches Versa, the multi purpose vehicle, in deluxe version-Maruti Udyog in a tie up with Gas Authority of India enters into business of corporate lease and finance management under the brand name of N2N-Ventures into pre owned cars business branded True value-Introduces upgraded versions of Wagon-R-Special edition of Maruti 800 car launched under the name Maruti 800 Special-Stops production in one of its manufacturing plants and shifts most of its production to the other two for the next financial year-Govt and Suzuki finalise pricing over Maruti Rights Issue-Offers optional extended warranty cover for four years for all its vehicles purchased after April 1, 2002-ICRA gives highest safety ratings to Maruti issue-Extends its Maruti Finance service to customers in Maharashtra and Goa-Bags 16,000 Alto export order from Europe-Unveils Alto variant (Alto LXi) with electronic power steering-Suzuki renominates Jagdish Khattar as MD-Steps into lease and fleet management by signing up with leading corporates such as DuPont, Gas Authority of India (Gail), Reckitt & Benckiser and Sona Koyo which will help client companies in acquiring and maintaining their fleet-Suzuki takes over control in Maruti Udyog by hiking its stake in the company from 50% to 54.2%, Maruti Udyog becomes the subsidiary of Suzuki-Suzuki restructures the company's Board of Directors, appoints Shinzo Nakanishi as the new chairman and non-retiring part-time director. Jagadish Khattar continues to be MD-Suzuki Motor Corporation (SMC) subscribes the rights issue of Maruti Udyog for Rs 399 crore-Suzuki takes control of Maruti Udyog-MUL, Daewoo, HM tie-up with Rohan Auto for LPG Kits-Unveils WagonR Pride, special limited edition version of its premium small car WagonR-Unveils Esteem Diesel version-Maruti's market share hits an all-time low of 42 per cent in July-Maruti ranked as the leading player in dealer service2003-Unveils ' Change Your Life' campaign to attract customers-Increases prices owing to higher input costs-Ties up with Reliance Industries Ltd (RIL) and its group companies for its business of lease and fleet management-Smart memory card rolled out by its service centre, Sharath Motors, can store information on the car's history, insurance, maintenance and all documents. The `Zoom' card comes with a personal accident cover for Rs 1 lakh-Enters into an agreement with State Bank of India (SBI) under which, each of the 12,000 branches of India's largest commercial bank is expected to sell one car per month-Launches its new AC version E2 M800 car-Kicks off the scheme of rewarding existing Maruti vehicle owners with a `loyalty bonus' ranging from Rs 8,000 to Rs 25,000 on exchange of their cars for a new Zen, WagonR, Alto, Esteem or Baleno-Launches a new limited edition version of its small car, Alto. Named `Alto Celebration'-Launches its new Sports Utility Vehicle (SUV) 'Grand Vitara XL-7', the 2700 cc vehicle, priced at Rs 15.96 lakh for the standard version and Rs 16.77 lakh for the limited edition variant-Forges a tie-up with State Bank of India (SBI) for offering co-branded financing option for buyers of Maruti vehicles (SBI-Maruti Finance)-Rolls out its four millionth vehicle-FIPB bans Overseas Corporate Bodies (OCB) from Maruti IPO-Central government picks up 0.23 per cent equity owned by the employees' trust in Maruti Udyog Ltd. (MUL)-Suzuki grants 10% discount on components to MUL-Alto overtakes Zen, WagonR in growth during 2002-03-Suzuki gives govt undertaking to hold min 26-pc in MUL post IPO-MUL and Sumitomo Corp. of Japan increase their equity stakes to 49 per cent each in JJ Impex, a joint venture between the two, from around 47 per cent each-Increases its car market share from 50% to about 55% in last fiscal-Fixes Rs 115 as floor price for IPO-Resumes full-scale production at Gurgaon plant-Comes out with public issue, oversubscribed 7.82 times-Achieves 30-pc market share of Jammu's used-car market-Govt fixes Maruti IPO at Rs 125 per share-Kumar Mangalam Birla inducted on Maruti board as Independent Director-Gets listed at 25.6% premium at Rs 157, on the BSE-Increases the cost of its family cars by around Rs 350-1,926-Ties up with State Bank of Mysore (SBM) to offer car finance-Appoints Mr. Manvinder Singh Banga, Chairman, Hindustan Lever Ltd., as the fourth independent director on the Board of the Company-State Bank of Travancore (SBT) and Maruti Udyog Ltd (MUL) enter in to an agreement to provide low interest loan to the persons who intend to by range of Maruti cars-Union Bank of India forges alliance with Maruti Udyog Ltd. for providing loans to Maruti's customers at competitive rates-Clocks 3 lakh units of exports-Company included in Morgan Stanley Capital International (MSCI) India Index-Slashes Alto model price by Rs 23,167 (ex showroom, Delhi)-Forays into an alliance with State Bank of Saurashtra (SBS) to provide car finance-Maruti Udyog Board approves VRS-Maruti TrueValue, the company's used car outlets, started dealing with pre-owned cars of all manufacturers-The company opened Aluminium foundry at Manesar, Harayana-Unveils revamped Zen car-Launches new version of Grand Vitara-Maruti slashes workforce by 27% via VRS2004-Rises volume car prices by Rs 2000-MUL unveils new after-sales facility in Chennai-Unveils Versa Variant At Rs 3.27 Lakh-Introduces a new cut-price version of its Alto compact car on April 8th priced at Rs 2,30,000 to help buyers upgrade from the cheaper Maruti 800.- Maruti Udyog reduces the down payment figure to Rs 21,000, for purchasing India's cheapest car Maruti 800 and extends the loan repayment period from seven to eight years which will bring down the equated monthly installment (EMI) to Rs 2,499 from Rs 2,599-Ties up with MRF to boost motorsports in India-Maruti unveils 'Bike to Car' scheme in Ahmedabad-ARBL ties up with MUL for battery supply-Maruti join hands with Indiatimes to buy and sell used cars-Maruti Udyog Ltd's (MUL) ties with State Bank of India for car financing.2005- Announces a price hike of Rs 2,000-3,000 across models all models except Maruti-800 on January 5, 2005.- Maruti Udyog Ltd rolls out a new-look Maruti 800 with spruced up interiors and upgrades that enable it to meet superior emission norms.-MUL sets up second driving school at Kollam-MUL to sell cars form JV with Suzuki-Maruti Udyog launches Swift in Delhi on May 25, 2005.-Maruti Udyog introduces new Alto-Maruti tops in IQS 2005 awards-Maruti unveils scheme for Kerala Govt employees2006-Indian car market leader Maruti Udyog on Feb 28, announced a price cut ranging between Rs 13,000-22,000 across five models, including M800 and Alto, following the cut in excise duty on small cars-MUL unveils new WagonR in Punjab.-Maruti Udyog Ltd has announced that the Company will unveil its stylish new Zen Estilo at a gala fashion show on New Delhi, tonight.2007-Maruti Udyog Limited has informed that Mr. Tsuneo Kobayashi, a non-executive director, has been appointed as Whole-time Director designated as Senior Joint Managing Director. The Board of Directors in their meeting held on 22nd January, 2007 has approved the above.-UTI Bank and Maruti have joined hands for giving car finance.-Maruti Udyog Ltd on May 07, 2007 the Company has launched SX4 sedan, a bold, muscular and feature-packed car, powered by the global M-series engine and built on a brand new platform.-Maruti Udyog Ltd has informed that Mr. Shinichi Takeuchi, Joint Managing Director was serving the Company's Board in the capacity of nominee director of Suzuki Motor Corporation (SMC), Japan.- Company name has been changed from Maruti Udyog Ltd to Maruti Suzuki India Ltd.2008- Maruti Suzuki India Ltd has inducted Mr. Kenichi Ayukawa as Additional Director of the Company with effect from July 21, 2008.Mahindra & Mahindra Ltd. : History of CompanyIndustryAuto - Cars & JeepsBSE Code500520Face ValueRs. 10.00ChairmanMr. Keshub MahindraNSE CodeM&MMarket Lot1GroupM & M GroupISIN NoINE101A01018Book Closure30/07/2009The company history sections lists out major chronological events that happened to the company.1945- The Company was Incorporated and converted into Public Limited in 1955 at Mumbai. The Company Manufacture Jeep type vehicles, petrol industrial engines, industrial process control instruments and flow meters. Trading in steel and manufacture of professional grade electronic components. Jeeps are manufactured under a license and an agreement with Willys Motors Inc., Toledo, Ohio, U.S.A., for whom the Company also acts as exclusive distributors for the whole of India for their entire range of vehicles including utility vans, cargo/personnel carriers and pick-up trucks.1958- The Company entered into an agreement with Birfield Ltd., to form Mahindra Sintered Products Private Limited for the manufacture of a wide range of self lubricating bearings.1968- The Instrumentation & Electronics Division came into existence as a result of merger of the wholly-owned subsidiary of Mahindra Engineering Co. Ltd., with the Company with effect from 1st April 1968. The activities of the merged company were being carried on in this division.- The Company acquired the whole paid-up capital of Mahindra Electro-Chemicals Products Ltd. Company.- With effect from 1st April, the wholly owned subsidiary Mahindra Engineering Co. Ltd., was merged with the Company. International Tractor Company of India Ltd., was merged with the Company effective from 1st November 1977.1970- The name was changed from Mahindra Van Wijk & Visser Ltd. to Mahindra & Mahindra Ltd. This was merged with the Indian National Diesel Engine Co., Ltd., during 1977-78.1977 - 74,- 700-9.3% Pref. and 12,98,202 No. of Equity share allotted without payment in cash to shareholders of International Tractor Co. Ltd., on its merger in prop 1:1 Pref. and 2:3 Equity. 12,500-7.8% Pref. shares redeemed on 1.2.1979.1978- The Company started negotiation with Balania K. Zacharopoulos Ltd., Athens for jointly promoting a new company in Greece for the manufacture of Jeep vehicles and trucks. Initially, it was proposed to assemble these vehicles mainly from CKD packs to be shipped from India.1979- 57,22,764 Bonus equity share issued in prop. 1:1.1983- 76,30,352 Bonus equity shares issued in prop. 2:3 in October 1984.1984- Mahindra Spicer Ltd. (MSL), was amalgamated with Mahindra & Mahindra Ltd. (MML) with effect from 3rd April. Pursuant to the scheme of amalgamation of MSL with MML, the shareholders of MSL were allotted 1,88,166 equity shares of MML in the ratio of 1 equity share of MML for every 6 shares held in MSL.- The Company entered into a collaboration agreement with Foramer S. A., an associate of Forasol S.A., for purchase of Ile d' Amsterdam an offshore drilling rig at a price U.S. $10.75 million. The Company arranged for a foreign currency loan through Bank of Baroda. In view of this purchase, the Company obtained a firm order from ONGC for drilling services for 2 years.1985- A letter of intent was obtained for the manufacture of 50,000 lines of EPABX/PAXs in collaboration with OKL Electric Co. of Japan.- The Company also signed a Memorandum of Understanding with the British Telecom p.l.c. of London under which the two companies were to jointly explore and develop opportunities in telecommunication and technical fields in India.- MBT was made a subsidiary of the Company with 60% holding and the remaining 40% was subscribed by the foreign partners, the British Telecommunications p.l.c., U.K. (BT) for provision of software engineers of MBT to work on various projects of BT in the U.K. MBT also decided to issue equity capital to the extent of Rs 4 crores out of which shares worth Rs 2.40 crores were to be offered to Mahindra & Mahindra Ltd., for subscription and the balance shares worth Rs 1.60 crores were to be offered to BT.1987- (17 months), approval from Government was received for the manufacture of Peugeot 504 pick-up vehicles in collaboration with Automobiles Peugeot of France.- A new model M-595 tractor in the 50 H.P. range was introduced.1988- The Company acquired a off-shore drilling rig " Ile d' Amsterdam" from Foramer S. A., France as on 1st March. A firm letter of intent was received for one land rig for drilling operations at Jwalamukhi, Himachal Pradesh against a tender from ONGC. The Company already entered into an agreement with Forasol S.A., for purchase of a land rig and related equipment.1989- During the year improved versions of CJ 500 range of jeeps and FJ range of LCVs were introduced. Also a sporty model of jeep was introduce which was well received by the target audience.- During September, the Company acquired the automotive pressing unit at Kanhe from Guest Keen Williams, Ltd. for a gross consideration of Rs 28.75 crores. The unit has an installed capacity of 10,000 tonnes per annum.1990- The Automotive division faced adverse market conditions resulting in a drastic reduction in production and sales of vehicles. The Automotive division introduced a direct injection diesel engine, the MDI 2500 A engine on the CJ 500 vehicles. A new fuel efficient 10 seater vehicle having a direct injection diesel engine was introduced.- A letter of intent was obtained from ONGC for extension of the contract for a further period of one year. However, on account of certain procedural delays ONGC dehired the rig and it remained non-operational for about 160 days. However, the Company received a contract from ONGC for a much higher day rate and the rig was rendering service to ONGC with effect from 9th November.- The Company issued 48,16,012-12.5% fully convertible debentures of Rs 110 each with a provision to apply, instead, for 58,86,236 fully convertible zero interest bonds of Rs 90 each. An option was given to apply for a combination of debentures and bonds subject to an aggregate value of Rs 52,97,61,320. These debentures/bonds were offered on rights basis to the then existing equity shareholders in the ratio of one debenture for every four equity shares held. The issue was fully subscribed. Additional bonds/debentures were issued to retain the over-subscription to the extent of 15% of the issue which is equivalent to 7,22,401 debentures of Rs 110 each.- Through another letter of offer, two blocks consisting of 8,64,049 debentures each were offered to Mahindra Companies and International Finance Corporation, Washington, respectively with an option to apply for bonds subject to the aggregate value of Rs 9,50,45,390 for each block. The issue was fully subscribed. Additional bonds/debentures were issued to retain the over-subscription to the extent of 15% of the issue which is equivalent to 1,29,607 debentures of Rs 110 each for each block.- The employees (including Indian working directors)/workers of the Company were also offered on an equitable basis 2,40,801 debentures of Rs 110 each with a provision to apply for bonds within the aggregate limit of the issue. The issue was under subscribed. Only 16,750 debentures and 68,250 bonds were allotted. The balance debentures/bonds were allowed to lapse.- As on 1st April, 49,90,354 debentures and 26,20,371 bonds were allotted.- As on 1st May, the Company allotted on private placement basis 14% redeemable non-convertible debentures for a total value of Rs 20 crores to UTI, LIC, ICICI, Army Group Insurance Fund and GIC and its subsidiaries. These debentures are redeemable in full at a premium of 5% on 1st May 1997.1991- New replacement kits for the series of diesel engines, the XDP 4.90 were successfully launched in order to replace petrol engines in passenger cars and create new demands for the series of diesel engines manufactured by the Company.- During the second half of the year, the Company introduced the new range of `Commander' vehicles which were well received in the market. A new model on the anvil was a five door ten seater vehicle " Armada" with a factory built body for which dies were imported from Japan.- To meet the changing needs of the market, the Company introduced a new model 225 DI (25HP) tractor.- Another 8,64,049 zero interest fully convertible bonds of Rs 90 each for a total value of 9,50,45,390 were allotted to Peugeot India Holding, France, a subsidiary of Automobiles Peugeot, France as on 18th January.- As per the terms of the issue, a portion of Rs 55 of each debenture was converted into one equity share of Rs 10 at a premium of Rs 45 per share and a portion of Rs 45 each bond was converted into one equity share of Rs 10 at a premium of Rs 35 per share an on 1st April.- Accordingly, the Company allotted 49,90,354 equity shares on conversion of debentures and 34,84,420 equity shares on conversion of bonds. The balance amount of each bond and debenture was to be converted as per the same terms given above at the end of 18 months from the date of allotment.- In order to meet the long term working capital requirements, the Company issued in January 1991, 14% redeemable non-convertible debentures aggregating Rs 25 crores to Infrastructure Leasing and Financial Services, Ltd. on a private placement basis. The debenture are redeemable in full at premium of 5% on 8th January, 1998.1992- It was proposed to launch a new LCV with a much larger platform, imported driving comfort and better styling.- The Company issued 72,42,719 - 14.5% secured Non-convertible redeemable debentures of Rs 100 each with a detachable warrant attached to each debenture entitling the holder thereof to apply for 1 equity share of Rs 10 each at a premium of Rs 20 per share in the ratio 1 debenture: 5 equity shares held, on the expiry of six months and 36 months from the date of allotment of debentures.- Another 3,62,136 non-convertible debentures with detachable warrants were also offered to employees on an equitable basis. Only 2,20,300 debentures taken up.- 76,04,855 oridinary shares of Rs 10 each at a premium of Rs 20 per share were to be issued to those exercising the rights attached to the warrants between 6 months and 36 months from the date of allotment of debentures. The debentures were to be redeemed not earlier than the end of 7th year but not later than the end of the 10th year from the date of allotment of debentures.1993- The Automotive division undertook to introduce a wide range of products such as mini bus, MM Deluxe, Armada deluxe, Cabking pick-up, CL-Classic & a single/double Cab pick-up etc.- Mahindra Nissan Allwyn Ltd. (MNL) was amalgamated with Mahindra & Mahindra Ltd. (MML) with effect from 1st November. Pursuant to the scheme of amalgamation, the shareholders of MNAL were allotted 9,73,200 equity shares of MML in the ratio of 1 equity share of MML for every 25 shares held in MNAL. With the merger modern automotive plant owned MNAL became a Unit of the Company's automotive division.- The Company issued 100,47,043 Global depository receipts valued at US $ 74.75 million. Each GDR was issued at a market price of US $7.44 and was supported by equal number of underlying shares. Accordingly 1,00,47,043 shares were allotted at a premium of Rs 22.50 per share.1994- During the year a new Company Mahindra USA Inc. had been established in Texas, U.S.A. with the objective of increasing tractor sales in U.S.- 9,73,200 shares allotted to the erstwhile sharehodlers of MNAL 11,14,682 shares allotted against the detachable warrants. 35,85,874 shares allotted to Ford Motor Company USA, at a premium of Rs 370 per shares. 28,00,000 shares allotted to the promoter group.1995- A New LCV model-cabking DI 3150 - with a payload of 2.5 tonnes, a 5-speed transmission and high quality components was launched. Also, a sporty 4-wheel drive vehicle Mahindra Classic with modern fitments such as Vacuum assisted brakes, disc brakes in front, wire wheels & bull bar was launched for the domestic market. In addition, a new commander 5-Door Hard Top vehicle, primarily targeted for semi-urban and rural transportation was introduced.- Two new models - 365 DI and 585 - DI were also launched in 30-35 HP and 45-50 HP segments respectively.- The Company entered into a joint venture agreement with Ford Motor Company USA (Ford) for promotion of a new Company for the manufacture and marketing of Ford range of passenger and other vehicles. The Company has an equity participation of Rs 160 crores each by Ford and the Company.- 22,71,322 No. of Equity shares allotted in conversion of warrants. 407,17,489 bonus equity shares issued in proportion 2:3.- The tractor division received the ISO 9001 certification from TUV of Germany.1996- The Company proposed to introduce the `Armada Grand' with XD3 diesel engine, 5 speed BA 10 transmission with air-conditioning and power steering as standard features. New models like, soft top and FRP versions of CL/MM 550 models, comfortable 8 seater Armada with Disc Brakes and an optional factory fitted air conditioner, Commander 650 DI on a longer wheel base and MM 540/550 XDB models with the powerful 2.5 lines XD3 engine and the all-synchromesh 5 speed BA 10 transmission were launched during the year.- During July, the Company offered US $100,00,000-5% convertible note during July 9, 2001 came into GDRs each representing one share at a cover sum price of US $11.955 per GDR. Till date 15,73,830 shares issued.1997- The Zaheerabad plant and R&D division were awarded Iso 9002 and ISO 9001 certification respectively. With the technology received from Fuji Technica, Japan the company undertook to manufacture dies for vehicle bodies in the new Die Shop. During the year, 7 new models to cater to different nice markets were introduced.- New products viz. 275 DI TU upgrades B-275 model with increased power and 585-C, 585 DI model with constant mesh transmission for ease operation were introduced.- M&M is setting up an engineering and product development centre at Thane to strengthen its technology and designing capacities.- M&M is setting up a joint venture with Mondragon Corporation of Spain in the area of iron foundry. The joint venture agreement was signed in Spain by M-M at an Indo-Spain joint business council meeting organised by the Federation of Indian Chambers of Commerce and Industry and the Association of Chambers of Commerce and Industry of India.- M&M is entering into a 50:50 joint venture with the $8 billion Case of the US for manufacturing high horse power tractors.- The M&M-Sealand joint venture is considering introducing a Ro-Ro (Roll-on, Roll-off) railway service in India.- The Mahindra group has tied up with Sega Enterprises Ltd and Mitsubishi Corporation of Japan to form a joint venture (JV) in India to develop and launch Sega branded family entertainment centres.- M&M has signed an agreement with Chemoleums Ltd under which M&M will use a special quality of Chemoleums lubricating oil, Mahindra Singlestar, for its tractors.- M&M has signed a wage agreement with its union at its automotive plant at Kandivali, evolving a Mahindra Production System (MPS) which is an amalgamation of latest work measurement techniques and Toyota Production Systems.1998- A joint venture company is being promoted by Mahindra and Mahindra Limited, Infrastructure Leasing and Financial Services and Tamil Nadu Industrial Development Corporation to set up an industrial park near Chennai to attract auto ancillary units and all categories of non-polluting industries.- Utility vehicle manufacturer, Mahindra and Mahindra (M&M) on May 27 signed a productivity and capacity linked wage agreement with its union (Bharatiya Kamghar Sena) at its tractor plant at Kandivali.- M&M has signed new productivity agreements with its workers at the Kandivli (Mumbai), Nashik and Zaheerabad (Andhra Pradesh) plants.- Mahindra Ford is likely to sign a MoU with the government to import auto kits.- Mercedes-Benz India Ltd and Mahindra Ford India Ltd have signed a MoU with the Directorate-General of Foreign Trade (DGFT), under the new MoU policy for car manufacturing in the country.- Danish company Maersk, Mahindra & Mahindra and the Tamil Nadu Industrial Development Corporation (Tidco) propose to establish a joint venture to develop Colachel on western coast of south Tamil Nadu into a hub port.- Mahindra & Mahindra (M&M) is all set to float a 50:50 joint venture company with the Punjab state government for setting up a hi-tech agro-commodity exchange in the state.1999- M&M has set up a new company - Mahindra Auto Specialities Ltd - for bullet-proofing passenger vehicles and providing specialised services. M&M has signed an MoU with Plasan Sasa of Israel for design and development of armoured (bullet proof) solutions on M&M utility vehicles for use by Indian security forces.- The Mahindra & Mahindra group and the TVS group have floated a joint venture to provide software solutions to the automobile sector.- Mahindra and Mahindra (M&M) is working towards introducing a slew of models in India from the Mitsubishi stables, including its famed Pajero brand of multi-utility vehicles (MUVs) and jeeps.- Mahindra & Mahindra Ltd (M&M) has created a tier-IT structure under Mahindra Holdings & Financial Ltd whereby individual subsidiaries will tap the capital market depending upon their need for cash.- Utility vehicle major, Mahindra and Mahindra (M&M), is entering the Rs 1,000-crore three-wheeler market for the first time. The company will launch its first three-wheeler a diesel-driven eight seater within 8-10 months from now.2000- The Company will be launching its first CNG-powered utility vehicle in Delhi.- The Company consequent to disciplinary action taken by the Management against certain workmen and Union representative, the workmen of Kandivli Plant of Tractor Division of the company initially stopped work and thereafter resorted to illegal strike on 11th January.- The Company proposes to make a call for redeeming Bonds of value US $25.378 million out of current outstanding of US $27.866 million.- The Company tie-up with Citibank for a channel financing agreement for their dealers.- Mahindra & Mahindra launched its eight seater Marshal DI Deluxe 2000 in Western Maharashtra.- Mahindra Auto Specialisites Ltd, a wholly-owned subsidiary of the company delivery of the first " Neticle" (net-vehicle) - brand named Quadro - in India.- The Company has launched its new generation tractors Arjun 605 DI at the Kandivali plant.- The Company and French car maker Renault have signed an agreement to explore the possibility of using Renault petrol engines for M&M's planned Scorpio utility vehicle.- The Company has launched a fresh voluntary scheme for employees in its tractor division. The Scheme will open on June 8 and will continue till July 31.- The Company is set to launch its 2.5-litre multi-utility vehicle, Bolero.- The Company launched the 39 HP and 40 HP models of its `Bhoomi Putra' range of tractors.- The Company has entered into a technical alliance with Austrian engine manufacturer AVL list GmbH for production of light commercial vehicles of 3.5 tonne capacity.- M&M will launch the LCV under the `Loadking' name in January next year.- M&M has launched its first 60 HP class tractor Arjun 605 DI here, will from now roll out a new mode very six months.- The Company the utility vehicle market leader, launch of its latest UV, the Bolero GLX.- The Company will launch Scorpio, its urban utility vehicle, by the end of the year.- The Company has launched the first of its new series of " Horizin Tractors" , the Mahindra " Arjun 605 DI" in Andhra Pradesh.- The Company launched diesel version of Bolero in a short time.- Mahindra & Mahindra is to go for a expansion, keeping pace with its plans for the introduction of new models, including the Scorpio.- Mahindra & Mahindra is likely to introduce agricultural related implement and equipment in the near fugure.- Mahindra and Mahindra Limited (M&M) launched yet another range of new generation tractors to grab a large share of an emerging mature market.- The Company has launched its fourth portal business with an investment of $1 million.- Mahindra Intertrade, subsidiary of Mahindra & Mahindra, has launched a steel trading portal, steelmartindia.com.- Fitch Ratings India has assigned `Ind AAA' rating to the proposed five-year Rs 100-crore non-convertible debenture programme of the company.- The Board has approved an ESOS and decided to allot 55,24,219 No. of equity shares to the Mahindra & Mahindra Employee Stock Option Trust.2001- The Company has set up a farm extension services division called Mahindra Shubh Labh, which will pioneer the building of a chain of one-stop shops offering a comprehensive range of farm-gate services.- Mahindra Intertrade, the largest non-automotive company of the Mahindra & Mahindra group, has entered into a distribution alliance with Lego.- Mr. Anand G. Mahindra has been appointed as Vice-Chairman and Managing Director.- Mahindra & Mahindra is set to launch three new variants of its utility vehicle Bolero to boost its presence in the urban segment.- The strike at the company's Nashik automotive plant which began on March 4, has been called off with effect from 8th March.- Credit Rating and Information Services of India Ltd. has revised the rating assigned to the company's long-term debentures to `AA+' to `AAA'.- Mahindra & Mahindra has tied up with French auto giant Renault for sourcing petrol engines for its premium utility vehicle Scorpio which would be launched later this year.-The price of Mahindra & Mahindra Ltd (M&M) shares hit a 92-month low on the Bombay Stock Exchange (BSE) on june 14 fuelled by market apprehensions of a steep fall in the company's sales in May 2001- Mahindra & Mahindra launched the premium version of its 7 seater multi-utility vehicle, Bolero GLX.2002-Mahindra & Mahindra Ltd has informed BSE that ICICI Bank Ltd has withdrawn the nomination of Mr Inder Chand Jain as their Nominee Director from the Board of M& M with immediate effect.Consequently Mr Inder Chand Jain ceases to be a Director of Mahindra & Mahindra Ltd with immediate effect.-Mahindra & Mahindra Ltd has informed BSE that Mr. David Friedman (currently the Alternate Director to Mr.Lewis W. K. Booth) has been appointed as a Director of the Company w.e.f. October 30, 2002 in the vacancy caused by the cessation of Directorship of Mr. Lewis W.K. Booth. Mr. V.K. Chanana has been appointed as a Nominee Director of UTI w.e.f. October 30, 2002 in place of Mr. Sanjiv Kapoor whose nomination has since been withdrawn by UTI.2003-Unleashes MaXX Pik Up utility vehicle - Signed an agreement with Canara Bank . Where in, Canara Bank will provide loan to those farmers who are willing to buy Mahindra's tractors and other farm implements.- Mahindra and Mahindra Ltd on December 24th showcased its new products, Bolero XL and Bolero XLS, for prospective customers in Karnataka.2004-Mahindra & Mahindra delisting of shares from DSE-M&M launches two variants of Bolero utility vehicle in TN-The former managing director of Rallis India, Mr Rajeev Dubey, is joining Mahindra & Mahindra Ltd (M&M) as Executive Vice-President (Human Resources & Corporate Services). Mr Dubey has previously held senior positions at Tata Steel and was the managing director of Tata Metaliks.-Auto giant Mahindra and Mahindra has launched its latest variants of Bolero XL range here on January 19, 2004, thus heralding its launch across the State.-M&M enters into agreement for acquiring majority stake in US based Bristlecone Inc-Mahindra & Mahindra Ltd has informed that the equity shares of the Company have been delisted from Pune Stock Exchange Ltd w.e.f. January 16, 2004.-M&M unveils innovation matrix to enhance performance-Mahindra Special becomes M&M's new IT unit-Equity shares delisted from Madras Stock Exchange- tied up with an Iran-based company Barchinkar for localising M&M tractors in the Iran market- Mahindra Tractors in accord with Castrol-M&M rolls out India's first turbo tractor-Mahindra & Mahindra Ltd has informed that HSBC Global Investment Fund has acquired 3,99,825 equity shares of the company through market on May 17-- Andhra Bank has announced that it has joined hands with Mahindra Tractors for financing the distribution of tractors through the bank branches across the country-Mahindra & Mahindra (M&M) has forayed into the Latin American markets through the opening of an assembly line in Uruguay-Mahindra & Mahindra Ltd (M&M) on announced its foray into the South African automobile market-Hemant Luthra to head M&M's new MSAT Sector-Dena Bank inks MoU with M&M for tractor loans2005- Mahindra & Mahindra tractors' top dealer in the US has become the largest tractor dealer in the US, muscling past dealers of John Deer, New Holland and Kubota.-M&M forays into Australian tractor market on February 14, 2005.-Mahindra & Mahindra Ltd (M&M) launches its Common Rail Diesel Engine (CRDEe) fitted-Scorpio, which conforms to BS III emission norms on February 22, 2005,-Mahindra & Mahindra executes JV Agreement with Renault-Scorpio unveiled in Malaysia on May 4, 2005-M&M, Renault ink MoU to set up Rs 550 crore car manufacturing plant in Nasik-M&M introduces new pick-up vehicle on July 6, 2005-Mahindra unveils 3-wheeler cargo carrier Champion Alfa model-Mahindra & Mahindra inks a JV with International Truck & Engine Corporation, USA-Mahindra & Mahindra enters into agreement with Plexion Technologies, Mauritius-M&M has signed a memorandum of understanding with the Saigal family of Pakistan for exporting tractors to that country..2006-M&M unleashes Scorpio Pik-Up in South Africa-M&M unveils three-wheeler car-M&M Hingna unit enters into new new wage agreement- Mahindra & Mahindra Ltd on Oct 11,2006 signed a agreement with ITMCo (Iran Tractor Manufacturing Co) to sell tractors in Iran. The agreement was signed in Tehran.-Mahindra & Mahindra (M&M) and French automaker Renault have joined hands yet again to establish a greenfield passenger car manufacturing plant in India within five years.- Mahindra & Mahindra inks deal with Global Vehicles USA Inc2007- Mahindra & Mahindra acquires a leading German Forging Company Schoneweiss & Co. GmbH.- Mahindra unveils new Bolero in Gujarat.-Mahindra and Mahindra (M&M) has launched the line of sports utility vehicles (SUV) and pick up trucks that it plans to begin selling in the United States starting from 2009.- M&M unveils Mahindra Pik-Up in Australia.-The latest product from Mahindra Defence Systems, the Axe FAV is an extreme offroading multi terrain defence purpose vehicle.2008-Mahindra & Mahindra acquires renowned Italian design house, GRD Italy.2009- Mahindra & Mahindra unveiled its fourth generation Scorpio at an unbeatable price.- MMahindra & Mahindra (M&M) signed a memorandum of understanding with the State Bank of Bikaner and Jaipur (SBBJ) for vehicle finance.
    At the meeting of the Board of Directors of Tata Motors Ltd. held today, the Directors reviewed the progress of the long-term financing plan which had been announced in May 2008, inter-alia for the Jaguar-Land Rover acquisition. At that time, the Company had announced that a part of the total funds required would be raised through a Rights Issue to the shareholders of three simultaneous but unlinked securities namely –a) an issue of Ordinary Shares of a total amount of about Rs.2,200 crores;b) an issue of ‘A’ Ordinary Shares having differential voting rights (viz. 1 vote for every 10 shares held) of a total amount of about Rs.2,000 crores andc) an issue of 0.5% 5-year Convertible Preference Shares of a total amount of about Rs.3,000 crores, which would be convertible into ‘A’ Ordinary Shares at any time after 3 years but before 5 years from the date of allotment.The detailed terms on which the above three securities involving a total amount of about Rs.7,200 crores would be issued was to be decided after the relevant procedure and process was completed and just before the Company was ready to actually make the Rights Issue.Taking into account the current situation in the Capital Market and the change in the level of prices in the stock markets since May 2008, the Board of Directors reviewed the earlier fund raising proposal. With a view to keep the increase in the Share Capital as low as possible, the Board decided -1. to restrict the Rights Issue only to two simultaneous but unlinked securities namely – (a) an issue of Ordinary Shares and (b) an issue of ‘A’ Ordinary Shares having differential voting rights, as already announced; and2. in place of the issue of Convertible Preference Shares, it is now proposed to raise the required resources by monetizing a part of the Company’s investments through a phased divestment of certain investments (preferably as inter-group sales wherever feasible) at prevailing market prices over the next 6 to 8 months. The funds released from such future divestments together with those already sold during the current financial year, will form part of the resources to be raised for repaying the bridging loan taken for the Jaguar-Land Rover acquisition.The process for the Rights Issue is making satisfactory progress considering the complex information to be included in the Offer Document about the Company, its subsidiaries and also the Jaguar-Land Rover acquisition and this process is expected to be completed in the near future. 
    Tata Motors today acquired the Jaguar Land Rover businesses from Ford Motor Company for a net consideration of US $2.3 billion, as announced on March 26, in an all-cash transaction. Ford has contributed about US $600 million to the Jaguar Land Rover pension plans. Mr. Ratan N. Tata, Chairman of Tata Sons and Tata Motors, was present at the handing over ceremony at the head quarters of Jaguar Land Rover at Gaydon in the UK along with Mr. Don Leclair, the Executive Vice President and Chief Financial Officer of Ford Motor Company, and Mr. Lewis Booth, Executive Vice President of Ford Motor Company, who has responsibility for Ford of Europe, Volvo and Jaguar Land Rover.Commenting on the occasion, Mr. Tata said, “This is a momentous time for all of us at Tata Motors. Jaguar and Land Rover are two iconic British brands with worldwide growth prospects. We are looking forward to extending our full support to the Jaguar Land Rover team to realise their competitive potential. Jaguar Land Rover will retain their distinctive identities and continue to pursue their respective business plans as before. We recognise the significant improvement in the performance of the two brands and look forward to this trend continuing in the coming years. It is our intention to work closely to support the Jaguar Land Rover team in building the success and preeminence of the two brands.” Tata Motors confirmed that Mr. David Smith, the acting Chief Executive Officer of Jaguar Land Rover, would be the new CEO of the business. Mr. Smith has 25 years of experience with Jaguar Land Rover and Ford. Before recently returning to Jaguar Land Rover as its Chief Financial Officer, he was Director Finance and Business Strategy for PAG and Ford of Europe. Mr. Smith said, “We are very pleased with the association with Tata Motors. We look forward to a sustained bright future for the company and its stakeholders.” Jaguar Land Rover has been acquired at a cost of US$ 2.3 billion on a cash free, debt-free basis. The purchase consideration includes the ownership by Jaguar and Land Rover or perpetual royalty-free licences of all necessary Intellectual Property Rights, manufacturing plants, two advanced design centres in the UK, and worldwide network of National Sales Companies. Long term agreements have been entered into for supply of engines, stampings and other components to Jaguar Land Rover. Other areas of transition support from Ford include IT, accounting and access to test facilities. The two companies will continue to cooperate in areas such as design and development through sharing of platforms and joint development of hybrid technologies and powertrain engineering. The Ford Motor Credit Company will continue to provide financing for Jaguar Land Rover dealers and customers for a transition period. Tata Motors is in an advanced stage of negotiations with leading auto finance providers to support the Jaguar Land Rover business in the UK, Europe and the US, and is expected to select financial services partners shortly.About Tata MotorsTata Motors is India's largest automobile company, with revenues of US$ 8.8 billion in 2007-08. With over 4 million Tata vehicles plying in India, it is the leader in commercial vehicles and among the top three in passenger vehicles. It is also the world's fourth largest truck manufacturer and the second largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America. Through subsidiaries and associate companies, Tata Motors has operations in South Korea, Thailand and Spain. It also has a strategic alliance with Fiat.