Tata Motors wants to pursue Phoenix Venture Holdings regarding the guarantee given for the export of Indica cars as CityRovers. The value of Tata Motors’s claim is approximately £10 million (INR 820 million).
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Tata Motors signed an agreement with MG Rover in 2002, to supply 100,000 Indica cars for the European market to be sold under the brand name of City Rover over a five-year period. Tata Motors also had a tie up with Phoenix Venture Holdings, to sell the Tata Safari and other Tata passenger vehicles in the UK and European markets.
In another move Tata Motors has informed PriceWaterhouseCoopers (PWC), the receivers of MG Rover, that the supply agreement is now null and void, after the demise of MG Rover. Normally export agreements are considered valid even after a company gets sold. Tata itself is said to be honouring agreements made by Daewoo Commercial Vehicles before it was taken over by the Indian company.
Deepesh Rathore / Tilak Swarup
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