INDIA: Tata hints at more Jaguar Land Rover job losses, closures
Tata Motors 'may' consider more job cuts and temporary plant closures at its UK Jaguar and Land Rover unit, a top official said on Friday.
"There has already been 2,000 job losses. We may be looking at more job losses, more plant shutdowns," vice chairman Ravi Kant told a news conference in Mumbai, adding it would depend on how the market situation evolved.
Jaguar Land Rover, which earlier this year received a loan from the European Investment Bank, and has been talking with the UK government over loans, has been cutting back output of some models at its three UK plants to match variable demand.
Earlier on Friday, parent Tata Motors reported a consolidated net loss for the fiscal year ended March 2009 of INR25.05bn (US$520m) compared with net profit of INR21.68bn a year ago.
The Jaguar and Land Rover unit - acquired in June 2008 - made a pre-tax loss of GBP281m (US$463m) in the 10 months of the 2008/09 fiscal year it was 'on the books' of Tata Motors, CFO C Ramakrishnan told a media conference on Friday.