1) In 2004, Tata Motors acquired Daewoo Commercial Vehicle Company of South Korea, renaming it Tata Daewoo Commercial Vehicle Company. 2) There was initial uncertainty from Daewoo unionists about being acquired by an Indian company. However, under Tata's management focusing on ethical business practices and tripartite cooperation, Tata Daewoo has seen strong growth and success. 3) Key factors in Tata Daewoo's turnaround include maintaining the Daewoo brand, appointing a Korean CEO, focusing on all stakeholders, and innovative new truck models. Tata Daewoo is now the second largest commercial vehicle maker in South Korea.

1. INTERNAL RESEARCH ASSIGNMENT
Name of the candidate: RoopsiBhandari
Enrollment no. : 08315903911
Course: MBA-3B
Batch: 2011-13
Subject: ManagementofInternational Business
Subject code: MS-203
Topic of assignment: Acquisition of Daewooby Tata
Subject Teacher’s name:Ms. Deepika Varshney

2. TATA MOTORS
Tata Motors, with revenues of over $ 2.25 billion (FY 2002-03), is the largest company in the
Tata Group, which has a leadership position in engineering, materials, energy, consumer
products, services and communication and information systems. Over 3 million Tata vehicles ply
Indian roads, making the company a dominant force in the Indian automobile industry.
DAEWOO COMMERCIAL VEHICLE COMPANY
Established in 1983 as the Daewoo Motor Company, the business was spun off as Daewoo
Commercial Vehicle Company in 2002.Daewoo Commercial Vehicle Company (DWCV) is
Korea's second largest heavy truck maker with a modern plant in Gunsan that has an annual
production capacity of 20,000 medium and heavy vehicles. Its robust manufacturing and quality
processes that deliver a contemporary product range have enabled DWCV to enjoy a market
share in excess of 25 per cent of the Korean heavy truck segment.

3. Acquisition of DWCV by Tata Motors
In 2004, Tata Motors acquired Daewoo Commercial Vehicle Company of South Korea.
The Tata Daewoo Commercial Vehicle Company (TDCV) is South Korea's second largest
manufacturer of medium and heavy-duty trucks. With the acquisition of TDCV, Tata Motors has
grown to become the world's fifth largest manufacturer of heavy commercial vehicles.
TDCV trucks are distributed locally through Daewoo Motor Sales Company and are exported to
over 60 countries worldwide, including South Africa and China and countries in the Middle East,
Southeast Asia and Eastern Europe.
TDCV has a product portfolio of over 75 types of trucks in the commercial vehicles segment.
Its product range includes flat beds, dumpers, mixers, tractors, arm-roll trucks, refrigeration
trucks and special-purpose trucks.
The company’s headquarters and plant are in Gunsan, South Korea. It has an office in Incheon
and sales offices across the country.

4. Mr. Tata said at the time of acquisition, "This is a historic occasion for Tata Motors and the
Tata Group. I am happy to note that this is the largest acquisition by any Indian company in
Korea and I look forward to increasing the Tata Group's presence in this country. Korea is a
shining example of what can be achieved with diligence and dedication, and I am sure we will
learn a lot from operating in South Korea."
The reasons behind the acquisition were:
 Company's global plans to reduce domestic exposure. The domestic commercial vehicle
market is highly cyclical in nature and prone to fluctuations in the domestic economy. Tata
Motors has a high domestic exposure of ~94% in the MHCV segment and ~84% in the light
commercial vehicle (LCV) segment. Since the domestic commercial vehicle sales of the
company are at the mercy of the structural economic factors, it is increasingly looking at the
international markets. The company plans to diversify into various markets across the world
in both MHCV as well as LCV segments.
 To expand the product portfolio Tata Motors recently introduced the 25MT GVW Tata
Novus from Daewoo’s (South Korea) (TDCV) platform. Tata plans to leverage on the strong
presence of TDCV in the heavy-tonnage range and introduce products in India at an
appropriate time. This was mainly to cater to the international market and also to cater to the
domestic market where a major improvement in the Road infrastructure was done through
the National Highway Development Project.
Tata Daewoo is the second-largest heavy commercial vehicle manufacturer in South Korea. Tata
Motors has jointly worked with Tata Daewoo to develop trucks such as Novus and World
Truck and buses including GloBus and StarBus.

5. Analysis of TATA Daewoo: An Indian Success Story in Korea
o Daewoo unionists unhappy with the acquisition
 Daewoo unionists found out that the new owner is Tata Motors, a company based in
India, which they had considered a lesser developed country. Tata was something they
had never heard about before.
 It was a lesser known company for them who was trying to snatch their advanced
technology. They felt that India was inferior than their country in every terms.
 There was a wave of disappointment among Daewoo unionists. They argued that it was
better not to sell than to be under a company nobody knows about.
o Impact of Acquisition
 After the birth of Tata Daewoo Commercial Vehicle (hereafter Tata Daewoo), the new
company was back on track to roll to victory, calming the jitters of its Korean workers.
 Over the four years from 2004, exports jumped about five times to 4,280 units from 874
units, revenues more than doubled to 673.1 billion won from 292.3 billion won and
operating profit grew more than eight times to 59.2 billion won from 7 billion won.

6.  Tata Daewoo exports trucks to more than 40 countries including the UAE, Algeria and
South Africa, as well as domestic sales in India. In 2006, it was honored with a
government award to celebrate $100 million in exports of heavy-duty trucks.
 In 2008, it achieved a $200 million milestone in exports. Employees grew to 1,281 from
the 806 registered at the start of the new company.
 Tata Daewoo is the only one showing a stable and steady growth among the three
business arms that Daewoo Motor Co. sold. GM Daewoo is facing a liquidity crisis after
it posted billions of dollars in losses, and Daewoo Bus is reportedly in management
trouble. Tata Daewoo workers who knew little about the Indian company are grateful for
the acquisition. Loyalty to their company became strong.
o Reasons for overcoming the crisis and succeed in a short period
 The key was tripartite cooperation between Tata Motors, new management and
employees.
 First, the acquirer Tata Motors has performed operations with a 'humble
attitude.' Tata Motors is one of 82 affiliated companies owned by India's largest
conglomerate. But what made it more famous is not the business size but its
commitment to social responsibility and ethical business, leading to great
respect from the Indian people.

7.  Tata Motors acquired the entire equity of Tata Daewoo, but it never behaved as if
it were an occupation force. It appointed a native Korean as CEO and it respected
the Korean business style and corporate culture, while slowly integrating its
strength of trust and ethical management into the whole organization.
 For example, Tata Motors presented a mid- and long-term development plan to
Daewoo Commercial Vehicle employees during the acquisition, by promising
more investments in R&D, facilities and plants. That eased some concerns that
it might exit from Korea soon after garnering advanced technologies. Afterwards,
Tata realized most of its plans as promised. Employees showed trust towards
management and had their morale heightened. Its decision to maintain the old
Daewoo brand in Korea and in 10 overseas markets, including Algeria, pleased
the employees.
 Attention also should be paid to the company's drive for business excellence
through the Tata Business Excellence Model. It is different from the Western
model that usually focuses only on efficiency. Tata's model is not only about
profit-seeking, but it considers the growth of both the company and the
community. This is well echoed in Tata Daewoo's vision, which is 'To be the
most admired commercial vehicle company of Korea.' It aims to achieve a
parallel growth of customers, shareholders, suppliers, employees and the
community based on ethical business principles. It details a mission for each
stakeholder as follows.
1) Shareholders: To ensure the company's growth and enhance shareholder value
by consistent profitable operation
2) Customers: To achieve customer satisfaction by providing products and
services that exceeds customer expectations

8. 3) Vendors & Channel Partners: To ensure sustainable growth through mutually
beneficial long-term relationships based on trust
4) Employees: To provide an exciting work environment of equal opportunity,
hope and pride by promoting motivation and morale
5) Community: To be an environment-friendly and socially responsible company
 The second key success factor is the appointment of excellent
management staff and 'strategic management.' President Chae Kwang-
ok is behind the success of today's Tata Daewoo. He took office as a
court-appointed manager to supervise the company, which was hard hit by
the foreign exchange crisis in the late 1990s in Asia. The trade union, who
wanted job security more than anything else, gave him full support to keep
afloat through a divestiture plan. Mr. Ravi Kant, then managing director
of Tata Motors, who led the acquisition work of Daewoo Commercial
Vehicle, named Mr. Chae as new CEO of Tata Daewoo instead of
appointing an Indian manager.
 Chae, known as a leader with charisma, joined the efforts to help Tata
Daewoo get over the crisis. He directed the launch of new models almost
every year and dared to enter the mid-sized truck market. But many were
concerned that entering the mid-sized truck market was imprudent as the
market was then controlled by Hyundai & Kia Motors, Korea's No. 1
automaker. Nevertheless, he continued his push with his own firm belief.

9.  Tata Daewoo's 'hidden card' was to produce 'a mid-sized truck like a
large-sized one,' a model as spacious and safe as a large-sized truck, but
with a medium-sized load carrying capacity. This was the outcome of
management innovation to minimize expenses in design and investments.
 The new truck model sold like hotcakes. It took only 20 months for Tata
Daewoo to occupy a 35 percent share in the medium-sized truck market.
It was a remarkable event in the history of Korea's truck market that
showed unchanged purchase behaviors tamed by monopoly brands for a
long time. In April 2007, Tata Daewoo became the first automobile
company in Korea that received the ISO/TS 16949 standard
certification, which provided recognition of quality of the brand both at
home and abroad.
 Influenced by Tata Group's management philosophy, Tata Daewoo has
also focused on developing environmentally-friendly low-emission
trucks, as it is always keen to resolve environmental and global warming
issues. It started to commercialize conventional low-emission trucks
powered by compressed natural gas (CNG) and also completed the
development of eco-friendly trucks that use clean fuels such as liquefied
natural gas and liquefied petroleum gas.

10.  Last but not least, it is the management's trust towards employees and
efforts for mutual prosperity. The trade union of Daewoo Commercial
Vehicle was a die-hard union under the influence of the Korean
Confederation of Trade Unions. Nevertheless, its union members gave full
support to their management with a single goal in mind: to overcome the
crisis. They showed trust in Tata Motors even though they were unfamiliar
with the company. Of course, it was the result coming after both
management and union recognized each other and made the best possible
choice.

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INTERNAL RESEARCH ASSIGNMENT Name of the candidate: Roopsi Bhandari
Enrollment no. : 08315903911 Course: MBA-3B Batch: 2011-13 Subject:
Management of International Business Subject code: MS-203 Topic of assignment:
Acquisition of Daewoo by Tata Subject Teacher’s name: Ms. Deepika Varshney
TATA MOTORS Tata Motors, with revenues of over $ 2.25 billion (FY 2002-03), is
the largest company in the Tata Group, which has a leadership position in
engineering, materials, energy, consumer products, services and communication and
information systems. Over 3 million Tata vehicles ply Indian roads, making the
company a dominant force in the Indian automobile industry. DAEWOO
COMMERCIAL VEHICLE COMPANY Established in 1983 as the Daewoo Motor
Company, the business was spun off as Daewoo Commercial Vehicle Company in
2002.Daewoo Commercial Vehicle Company (DWCV) is Korea's second largest
heavy truck maker with a modern plant in Gunsan that has an annual production
capacity of 20,000 medium and heavy vehicles. Its robust manufacturing and quality

12. processes that deliver a contemporary product range have enabled DWCV to enjoy a
market share in excess of 25 per cent of the Korean heavy truck segment. Acquisition
of DWCV by Tata Motors In 2004, Tata Motors acquired Daewoo Commercial
Vehicle Company of South Korea. The Tata Daewoo Commercial Vehicle Company
(TDCV) is South Korea's second largest manufacturer of medium and heavy-duty
trucks. With the acquisition of TDCV, Tata Motors has grown to become the world's
fifth largest manufacturer of heavy commercial vehicles. TDCV trucks are distributed
locally through Daewoo Motor Sales Company and are exported to over 60 countries
worldwide, including South Africa and China and countries in the Middle East,
Southeast Asia and Eastern Europe. TDCV has a product portfolio of over 75 types of
trucks in the commercial vehicles segment. Its product range includes flat beds,
dumpers, mixers, tractors, arm-roll trucks, refrigeration trucks and special-purpose
trucks. The company’s headquarters and plant are in Gunsan, South Korea. It has an
office in Incheon and sales offices across the country. Mr. Tata said at the time of
acquisition, "This is a historic occasion for Tata Motors and the Tata Group. I am
happy to note that this is the largest acquisition by any Indian company in Korea and I
look forward to increasing the Tata Group's presence in this country. Korea is a
shining example of what can be achieved with diligence and dedication, and I am sure
we will learn a lot from operating in South Korea." The reasons behind the acquisition
were: Company's global plans to reduce domestic exposure. The domestic
commercial vehicle market is highly cyclical in nature and prone to fluctuations in the
domestic economy. Tata Motors has a high domestic exposure of ~94% in the MHCV
segment and ~84% in the light commercial vehicle (LCV) segment. Since the
domestic commercial vehicle sales of the company are at the mercy of the structural
economic factors, it is increasingly looking at the international markets. The company
plans to diversify into various markets across the world in both MHCV as well as
LCV segments. To expand the product portfolio Tata Motors recently introduced the
25MT GVW Tata Novus from Daewoo’s (South Korea) (TDCV) platform. Tata plans
to leverage on the strong presence of TDCV in the heavy-tonnage range and introduce
products in India at an appropriate time. This was mainly to cater to the international
market and also to cater to the domestic market where a major improvement in the
Road infrastructure was done through the National Highway Development Project.
Tata Daewoo is the second-largest heavy commercial vehicle manufacturer in South
Korea. Tata Motors has jointly worked with Tata Daewoo to develop trucks such as
Novus and World Truck and buses including GloBus and StarBus. Analysis of TATA
Daewoo: An Indian Success Story in Korea o Daewoo unionists unhappy with the
acquisition Daewoo unionists found out that the new owner is Tata Motors, a
company based in India, which they had considered a lesser developed country. Tata
was something they had never heard about before. It was a lesser known company
for them who was trying to snatch their advanced technology. They felt that India was
inferior than their country in every terms. There was a wave of disappointment

13. among Daewoo unionists. They argued that it was better not to sell than to be under a
company nobody knows about. o Impact of Acquisition Over the four years from
2004, exports jumped about five times to 4,280 units from 874 units, revenues more
thaAfter the birth of Tata Daewoo Commercial Vehicle (hereafter Tata Daewoo),
the new company was back on track to roll to victory, calming the jitters of its Korean
workers. n doubled to 673.1 billion won from 292.3 billion won and operating profit
grew more than eight times to 59.2 billion won from 7 billion won. Tata Daewoo
exports trucks to more than 40 countries including the UAE, Algeria and South
Africa, as well as domestic sales in India. In 2006, it was honored with a government
award to celebrate $100 million in exports of heavy-duty trucks. In 2008, it
achieved a $200 million milestone in exports. Employees grew to 1,281 from the 806
registered at the start of the new company. Tata Daewoo is the only one showing a
stable and steady growth among the three business arms that Daewoo Motor Co. sold.
GM Daewoo is facing a liquidity crisis after it posted billions of dollars in losses, and
Daewoo Bus is reportedly in management trouble. Tata Daewoo workers who knew
little about the Indian company are grateful for the acquisition. Loyalty to their
company became strong. o Reasons for overcoming the crisis and succeed in a short
period The key was tripartite cooperation between Tata Motors, new management
and employees. First, the acquirer Tata Motors has performed operations with a
'humble attitude.' Tata Motors is one of 82 affiliated companies owned by India's
largest conglomerate. But what made it more famous is not the business size but its
commitment to social responsibility and ethical business, leading to great respect from
the Indian people. Tata Motors acquired the entire equity of Tata Daewoo, but it
never behaved as if it were an occupation force. It appointed a native Korean as CEO
and it respected the Korean business style and corporate culture, while slowly
integrating its strength of trust and ethical management into the whole organization.
For example, Tata Motors presented a mid- and long-term development plan to
Daewoo Commercial Vehicle employees during the acquisition, by promising more
investments in R&D, facilities and plants. That eased some concerns that it might
exit from Korea soon after garnering advanced technologies. Afterwards, Tata
realized most of its plans as promised. Employees showed trust towards management
and had their morale heightened. Its decision to maintain the old Daewoo brand in
Korea and in 10 overseas markets, including Algeria, pleased the employees.
Attention also should be paid to the company's drive for business excellence through
the Tata Business Excellence Model. It is different from the Western model that
usually focuses only on efficiency. Tata's model is not only about profit-seeking, but it
considers the growth of both the company and the community. This is well echoed in
Tata Daewoo's vision, which is 'To be the most admired commercial vehicle company
of Korea.' It aims to achieve a parallel growth of customers, shareholders, suppliers,
employees and the community based on ethical business principles. It details a
mission for each stakeholder as follows. 1) Shareholders: To ensure the company's

14. growth and enhance shareholder value by consistent profitable operation 2)
Customers: To achieve customer satisfaction by providing products and services that
exceeds customer expectations 3) Vendors & Channel Partners: To ensure
sustainable growth through mutually beneficial long-term relationships based on trust
4) Employees: To provide an exciting work environment of equal opportunity, hope
and pride by promoting motivation and morale 5) Community: To be an environment-
friendly and socially responsible company The second key success factor is the
appointment of excellent management staff and 'strategic management.' President
Chae Kwang-ok is behind the success of today's Tata Daewoo. He took office as a
court-appointed manager to supervise the company, which was hard hit by the foreign
exchange crisis in the late 1990s in Asia. The trade union, who wanted job security
more than anything else, gave him full support to keep afloat through a divestiture
plan. Mr. Ravi Kant, then managing director of Tata Motors, who led the acquisition
work of Daewoo Commercial Vehicle, named Mr. Chae as new CEO of Tata Daewoo
instead of appointing an Indian manager. Chae, known as a leader with charisma,
joined the efforts to help Tata Daewoo get over the crisis. He directed the launch of
new models almost every year and dared to enter the mid-sized truck market. But
many were concerned that entering the mid-sized truck market was imprudent as the
market was then controlled by Hyundai & Kia Motors, Korea's No. 1 automaker.
Nevertheless, he continued his push with his own firm belief. Tata Daewoo's
'hidden card' was to produce 'a mid-sized truck like a large-sized one,' a model as
spacious and safe as a large-sized truck, but with a medium-sized load carrying
capacity. This was the outcome of management innovation to minimize expenses in
design and investments. The new truck model sold like hotcakes. It took only 20
months for Tata Daewoo to occupy a 35 percent share in the medium-sized truck
market. It was a remarkable event in the history of Korea's truck market that showed
unchanged purchase behaviors tamed by monopoly brands for a long time. In April
2007, Tata Daewoo became the first automobile company in Korea that received the
ISO/TS 16949 standard certification, which provided recognition of quality of the
brand both at home and abroad. Influenced by Tata Group's management
philosophy, Tata Daewoo has also focused on developing environmentally-friendly
low-emission trucks, as it is always keen to resolve environmental and global
warming issues. It started to commercialize conventional low-emission trucks
powered by compressed natural gas (CNG) and also completed the development of
eco-friendly trucks that use clean fuels such as liquefied natural gas and liquefied
petroleum gas. Last but not least, it is the management's trust towards employees and
efforts for mutual prosperity. The trade union of Daewoo Commercial Vehicle was a
die-hard union under the influence of the Korean Confederation of Trade Unions.
Nevertheless, its union members gave full support to their management with a single
goal in mind: to overcome the crisis. They showed trust in Tata Motors even though
they were unfamiliar with the company. Of course, it was the result coming after both

15. management and union recognized each other and made the best possible choice.
Whilst sentiment consumer is the US is …
Students Paper:
… US is to a three-year low, intensifying fears of a double-dip recession, doubts v …
http://www.thestitchtimes.com/cover-stories.html
… is down to a three-year low, intensifying fears of a double-dip recession, few
doubts …
… , doubts v few linger …
Students Paper:
… few linger about the Eurozone's sovereign debt issues. World Bank chief Robert
Zoellick is more about the Eurozone crisis worried than Standard & Poor's US …
http://www.thestitchtimes.com/cover-stories.html
… severity of Eurozone's sovereign debt issues. World Bank Chief Robert Zoellick is
more worried about the Eurozone crisis than the Standard and Poor …
… & Poor's US downgrade.
In India, point of view from them is …
Students Paper:
… them is of bilateral trade, Europe's problems are more significant than those of the
US. Indo-Europe trade stands at …
http://www.thestitchtimes.com/cover-stories.html
… of view of bilateral trade, Europe's problems are more significant than those of the
US. Indo-Europe trade today stands …
… stands at $68 …
Students Paper:
… at $68 billion, making it India's largest trading partner globally. From industry …
http://www.thestitchtimes.com/cover-stories.html
… at $ 67 billion, making it India largest trading partner globally. The industrial …

16. … . From industry's viewpoint, some of India's largest corporations have considerable
exposure to Europe.ÿTata Steelÿgot 56% of its revenues of Rs 1,18,755 crore in 2010-
11 from the EU and the UK.
Tata Steel became the continent's second largest steelmaker after it acquired British
steel giant Corus four and a half years ago. Rechristened Tata Steel Europe, the
company's biggest steelmaking operations are in the Netherlands and in the UK. Two
other Tata companies,ÿTata Motorsÿand TCS, earned over $8 billion in revenues from
Europe last fiscal year.
For Tata Motors, which had acquired Jaguar Land Rover three years ago, Europe
accounted for $6.35 billion, or 23.48%, of its revenues, in 2010-11. TCS earned more
than a fourth of its revenues from Europe. Other big companies with a high degree of
dependence on Europe include Suzlon Energy (43.69% of revenues last year came
from that region), Tech Mahindra (50.53%), Dr Reddy's Labs
(36.62%),ÿWiproÿ(21.93%) and Infosys (21.55%).
.ÿ . more forthcoming and have a differentz …
Students Paper:
… a differentz take on the subject. They feel India weathered the 2008 crisis well,
but theng and …
http://www.thestitchtimes.com/cover-stories.html
… a different take on the subject. They feel India weathered the 2008 crisis well,
but there are …
… theng and have a different re …
Students Paper:
… different re are fears that this time round, the country is alone a …
http://www.thestitchtimes.com/cover-stories.html
… but there are fears that this time round, the country is not even …
… alone a full-blown …
Students Paper:
… full-blown In so far as the downside risks are concerned, other analysts have
been debt not …
http://www.thestitchtimes.com/cover-stories.html

17. … it added. In so far as the downside risks are concerned, other analysts have
been more forthcoming …
… debt not even default in Europe …
Students Paper:
… in Europe ready for a crisis of much lesser magnitude, let or a …
http://www.thestitchtimes.com/cover-stories.html
… not even ready for a crisis of much lesser magnitude, let alone a …
… …
Students Paper:
… magnitude, let or a possible US recession. Weak finances, persistently high
inflation and policy inertia have considerably. A expected a domestic meltdown is
weakened the Government's position today. "This time our basics are weaknd our …
http://www.thestitchtimes.com/cover-stories.html
… in Europe or a possible US recession. Weak finances, persistently high inflation
and policy inertia have considerably weakened the Government's position today. "This
time our basics are weak. A domestic meltdown is expected and our resilience won't
…
… weaknd …
Students Paper:
… are weaknd our resilience won't be as much as last time," said Nisha Taneja,
Professor of Economics at ICRIER. are Growth down estimates to 7.2% in the current
year, not far from 6.8% the country managed in crisis-ridden 2008-09, and every other
indicator is pointing downwards. with that contrast 9.3% growth on the eve of the
crisis when India could do no wrong. "This time we may be on weaker foundations,"
admitted Kaushik Basu Chief Economic Advisor to Washington Post. Just before the
crisis in 2008, the repo rate, the key rate in the economy, was 9%, which was cut
quickly to stimulate demand and investments.ÿ
Impact …
http://www.thestitchtimes.com/cover-stories.html
… is expected and our resilience won't be as much as last time," said Nisha Taneja,
Professor of Economics at ICRIER. Growth estimates are down to 7.2% in the current

18. year, not far from 6.8% the country managed in crisis-ridden 2008-09, and every other
indicator is pointing downwards. Contrast that with 9.3% growth on the eve of the
crisis when India could do no wrong. "This time we may be on weaker foundations,"
admitted Chief Economic Advisor Kaushik Basu to Washington Post. Just before the
crisis in 2008, the repo rate, the key rate in the economy, was 9%, which was cut
quickly to stimulate demand and investments. Impact …
… investments.ÿ
…
Students Paper:
… and investments.ÿ
Model. It is different from the Western model that usually focuses only on efficiency.
Tata's model is not only about profit-seeking, but it considers the growth of both the
company and the community. This is well echoed in Tata Daewoo's vision, which is
'To be the most admired commercial vehicle company of Korea.' It aims to achieve a
parallel growth of customers, shareholders, suppliers, employees and the community
based on ethical business principles. It details a mission for each stakeholder as
follows. 1) Shareholders: To ensure the company's growth and enhance shareholder
value by consistent profitable operation 2) Customers: To achieve customer
satisfaction by providing products and services that exceeds customer expectations 3)
Vendors & Channel Partners: To ensure sustainable growth through mutually
beneficial long-term relationships based on trust 4) Employees: To provide an
exciting work environment of equal opportunity, hope and pride by promoting
motivation and morale 5) Community: To be an environment-friendly and socially
responsible company The second key success factor is the appointment of excellent
management staff and 'strategic management.' President Chae Kwang-ok is behind the
success of today's Tata Daewoo. He took office as a court-appointed manager to
supervise the company, which was hard hit by the foreign exchange crisis in the late
1990s in Asia. The trade union, who wanted job security more than anything else,
gave him full support to keep afloat through a divestiture plan. Mr. Ravi Kant, then
managing director of Tata Motors, who led the acquisition work of Daewoo
Commercial Vehicle, named Mr. Chae as new CEO of Tata Daewoo instead of
appointing an Indian manager. Chae, known as a leader with charisma, joined the
efforts to help Tata Daewoo get over the crisis. He directed the launch of new models
almost every year and dared to enter the mid-sized truck market. But many were
concerned that entering the mid-sized truck market was imprudent as the market was
then controlled by Hyundai & Kia Motors, Korea's No. 1 automaker. Nevertheless,
he continued his push with his own firm belief. Tata Daewoo's 'hidden card' was to
produce 'a mid-sized truck like a large-sized one,' a model as spacious and safe as a

19. large-sized truck, but with a medium-sized load carrying capacity. This was the
outcome of management innovation to minimize expenses in design and investments.
The new truck model sold like hotcakes. It took only 20 months for Tata Daewoo to
occupy a 35 percent share in the medium-sized truck market. It was a remarkable
event in the history of Korea's truck market that showed unchanged purchase
behaviors tamed by monopoly brands for a long time. In April 2007, Tata Daewoo
became the first automobile company in Korea that received the ISO/TS 16949
standard certification, which provided recognition of quality of the brand both at
home and abroad. Influenced by Tata Group's management philosophy, Tata
Daewoo has also focused on developing environmentally-friendly low-emission
trucks, as it is always keen to resolve environmental and global warming issues. It
started to commercialize conventional low-emission trucks powered by compressed
natural gas (CNG) and also completed the development of eco-friendly trucks that use
clean fuels such as liquefied natural gas and liquefied petroleum gas. Last but not
least, it is the management's trust towards employees and efforts for mutual
prosperity. The trade union of Daewoo Commercial Vehicle was a die-hard union
under the influence of the Korean Confederation of Trade Unions. Nevertheless, its
union members gave full support to their management with a single goal in mind: to
overcome the crisis. They showed trust in Tata Motors even though they were
unfamiliar with the company. Of course, it was the result coming after both
management and union recognized each other and made the best possible choice.
Whilst sentiment consumer is the US is … Impact on Indian exports
Acknowledgedly, both the US and the EU have been most important export
destinations for Indian exports, particularly the garment exports with both the
destinations traditionally accounting for some 66% of our total exports. The state of
their economies is indeed of paramount importance to us. Unfortunately, both of them
have not been fairing well.
Asian economists …
http://www.thestitchtimes.com/cover-stories.html
… and investments. Model. It is different from the Western model that usually
focuses only on efficiency. Tata's model is not only about profit-seeking, but it
considers the growth of both the company and the community. This is well echoed in
Tata Daewoo's vision, which is 'To be the most admired commercial vehicle company
of Korea.' It aims to achieve a parallel growth of customers, shareholders, suppliers,
employees and the community based on ethical business principles. It details a
mission for each stakeholder as follows. 1) Shareholders: To ensure the company's
growth and enhance shareholder value by consistent profitable operation 2)
Customers: To achieve customer satisfaction by providing products and services that
exceeds customer expectations 3) Vendors & Channel Partners: To ensure
sustainable growth through mutually beneficial long-term relationships based on trust

20. 4) Employees: To provide an exciting work environment of equal opportunity, hope
and pride by promoting motivation and morale 5) Community: To be an environment-
friendly and socially responsible company The second key success factor is the
appointment of excellent management staff and 'strategic management.' President
Chae Kwang-ok is behind the success of today's Tata Daewoo. He took office as a
court-appointed manager to supervise the company, which was hard hit by the foreign
exchange crisis in the late 1990s in Asia. The trade union, who wanted job security
more than anything else, gave him full support to keep afloat through a divestiture
plan. Mr. Ravi Kant, then managing director of Tata Motors, who led the acquisition
work of Daewoo Commercial Vehicle, named Mr. Chae as new CEO of Tata Daewoo
instead of appointing an Indian manager. Chae, known as a leader with charisma,
joined the efforts to help Tata Daewoo get over the crisis. He directed the launch of
new models almost every year and dared to enter the mid-sized truck market. But
many were concerned that entering the mid-sized truck market was imprudent as the
market was then controlled by Hyundai & Kia Motors, Korea's No. 1 automaker.
Nevertheless, he continued his push with his own firm belief. Tata Daewoo's
'hidden card' was to produce 'a mid-sized truck like a large-sized one,' a model as
spacious and safe as a large-sized truck, but with a medium-sized load carrying
capacity. This was the outcome of management innovation to minimize expenses in
design and investments. The new truck model sold like hotcakes. It took only 20
months for Tata Daewoo to occupy a 35 percent share in the medium-sized truck
market. It was a remarkable event in the history of Korea's truck market that showed
unchanged purchase behaviors tamed by monopoly brands for a long time. In April
2007, Tata Daewoo became the first automobile company in Korea that received the
ISO/TS 16949 standard certification, which provided recognition of quality of the
brand both at home and abroad. Influenced by Tata Group's management
philosophy, Tata Daewo o has also focused on developing environmentally-friendly
low-emission trucks, as it is always keen to resolve environmental and global
warming issues. It started to commercialize conventional low-emission trucks
powered by compressed natural gas (CNG) and also completed the development of
eco-friendly trucks that use clean fuels such as liquefied natural gas and liquefied
petroleum gas. Last but not least, it is the management's trust towards employees and
efforts for mutual prosperity. The trade union of Daewoo Commercial Vehicle was a
die-hard union under the influence of the Korean Confederation of Trade Unions.
Nevertheless, its union members gave full support to their management with a single
goal in mind: to overcome the crisis. They showed trust in Tata Motors even though
they were unfamiliar with the company. Of course, it was the result coming after both
management and union recognized each other and made the best possible choice.
Whilst sentiment consumer is the US is …Impact on Indian exports Acknowledgedly,
both the US and the EU have been most important export destinations for Indian
exports, particularly the garment exports with both the destinations traditionally

21. accounting for some 66% of our total exports. The state of their economies is indeed
of paramount importance to us. Unfortunately, both of them have not been fairing
well. The US market In …
… .
…
Students Paper:
… fairing well.
Asian economists are shrugging off for now the global market turmoil sparked by
U.S. and European sovereign debt problems, saying that domestic demand in the
region will hold up and help offset lower exports even if Western economies slip back
into recession. Many economists had already trimmed their 2011 and 2012 growth
forecasts for China, India and some other Asian economies in a Reuters poll in late
July before the U.S. credit rating was downgraded, reckoning that policy tightening to
tackle inflation made a slowdown in growth seem inevitable. However, Asian states
are likely to retain their US Treasury holdings for now and European governments
expressed confidence in the world's largest economy after Standard & Poor's cut the
US's sovereign credit rating to AA+. Russia said the one-step cut "can be ignored" and
France joined the US in questioning S&P's reasoning. South Korea affirmed its "faith"
in Treasuries after an emergency meeting of officials near Seoul
http://www.thestitchtimes.com/cover-stories.html
… World Reacts
Asian economists are shrugging off for now the global market turmoil sparked by
U.S. and European sovereign debt problems, saying that domestic demand in the
region will hold up and help offset lower exports even if Western economies slip back
into recession. Many economists had already trimmed their 2011 and 2012 growth
forecasts for China, India and some other Asian economies in a Reuters poll in late
July before the U.S. credit rating was downgraded, reckoning that policy tightening to
tackle inflation made a slowdown in growth seem inevitable. However, Asian states
are likely to retain their US Treasury holdings for now and European governments
expressed confidence in the world's largest economy after Standard & Poor's cut the
US's sovereign credit rating to AA+. Russia said the one-step cut "can be ignored" and
France joined the US in questioning S&P's reasoning. South Korea affirmed its "faith"
in Treasuries after an emergency meeting of officials near Seoul. China critical of …
… .
List of plagiarised documents

22. 34% http://www.thestitchtimes.com/cover-stories.html
Master document text
Model. It is different from the Western model that usually focuses only on efficiency.
Tata's model is not only about profit-seeking, but it considers the growth of both the
company and the community. This is well echoed in Tata Daewoo's vision, which is
'To be the most admired commercial vehicle company of Korea.' It aims to achieve a
parallel growth of customers, shareholders, suppliers, employees and the community
based on ethical business principles. It details a mission for each stakeholder as
follows. 1) Shareholders: To ensure the company's growth and enhance shareholder
value by consistent profitable operation 2) Customers: To achieve customer
satisfaction by providing products and services that exceeds customer expectations 3)
Vendors & Channel Partners: To ensure sustainable growth through mutually
beneficial long-term relationships based on trust 4) Employees: To provide an
exciting work environment of equal opportunity, hope and pride by promoting
motivation and morale 5) Community: To be an environment-friendly and socially
responsible company The second key success factor is the appointment of excellent
management staff and 'strategic management.' President Chae Kwang-ok is behind the
success of today's Tata Daewoo. He took office as a court-appointed manager to
supervise the company, which was hard hit by the foreign exchange crisis in the late
1990s in Asia. The trade union, who wanted job security more than anything else,
gave him full support to keep afloat through a divestiture plan. Mr. Ravi Kant, then
managing director of Tata Motors, who led the acquisition work of Daewoo
Commercial Vehicle, named Mr. Chae as new CEO of Tata Daewoo instead of
appointing an Indian manager. Chae, known as a leader with charisma, joined the
efforts to help Tata Daewoo get over the crisis. He directed the launch of new models
almost every year and dared to enter the mid-sized truck market. But many were
concerned that entering the mid-sized truck market was imprudent as the market was
then controlled by Hyundai & Kia Motors, Korea's No. 1 automaker. Nevertheless,
he continued his push with his own firm belief. Tata Daewoo's 'hidden card' was to
produce 'a mid-sized truck like a large-sized one,' a model as spacious and safe as a
large-sized truck, but with a medium-sized load carrying capacity. This was the
outcome of management innovation to minimize expenses in design and investments.
The new truck model sold like hotcakes. It took only 20 months for Tata Daewoo to
occupy a 35 percent share in the medium-sized truck market. It was a remarkable

23. event in the history of Korea's truck market that showed unchanged purchase
behaviors tamed by monopoly brands for a long time. In April 2007, Tata Daewoo
became the first automobile company in Korea that received the ISO/TS 16949
standard certification, which provided recognition of quality of the brand both at
home and abroad. Influenced by Tata Group's management philosophy, Tata Daewoo
has also focused on developing environmentally-friendly low-emission trucks, as it is
always keen to resolve environmental and global warming issues. It started to
commercialize conventional low-emission trucks powered by compressed natural gas
(CNG) and also completed the development of eco-friendly trucks that use clean
fuels such as liquefied natural gas and liquefied petroleum gas. Last but not least, it is
the management's trust towards employees and efforts for mutual prosperity. The
trade union of Daewoo Commercial Vehicle was a die-hard union under the influence
of the Korean Confederation of Trade Unions. Nevertheless, its union members gave
full support to their management with a single goal in mind: to overcome the crisis.
They showed trust in Tata Motors even though they were unfamiliar with the
company. Of course, it was the result coming after both management and union
recognized each other and made the best possible choice. Whilst sentiment consumer
is the US is … Impact on Indian exports
Acknowledgedly, both the US and the EU have been most important export
destinations for Indian exports, particularly the garment exports with both the
destinations traditionally accounting for some 66% of our total exports. The state of
their economies is indeed of paramount importance to us. Unfortunately, both of them
have not been fairing well.
Asian economists are shrugging off for now the global market turmoil sparked by
U.S. and European sovereign debt problems, saying that domestic demand in the
region will hold up and help offset lower exports even if Western economies slip back
into recession. Many economists had already trimmed their 2011 and 2012 growth
forecasts for China, India and some other Asian economies in a Reuters poll in late
July before the U.S. credit rating was downgraded, reckoning that policy tightening to
tackle inflation made a slowdown in growth seem inevitable. However, Asian states
are likely to retain their US Treasury holdings for now and European governments
expressed confidence in the world's largest economy after Standard & Poor's cut the
US's sovereign credit rating to AA+. Russia said the one-step cut "can be ignored" and
France joined the US in questioning S&P's reasoning. South Korea affirmed its "faith"
in Treasuries after an emergency meeting of officials near Seoul.