The final deal of Jaguar and Land Rover by Indian automotive giant Tata Motors has been hailed by domestic industry majors a huge success. The buyout worth $ 2.3 billion has been remarked as a new milestone for India Inc.
According to a statement by Federation of Indian Chambers of Commerce and Industry (FICCI ) “Jaguar and Land Rover one of the highest brand values, by acquiring it, the Indian Industry has turned a new page in achieving quality and projecting brands.”
The deal has brought to fore the Indian business power and management skill in overseas acquisitions. This major move has been possible only because of the strong performance of Indian automotive company in domestic arena. Tata Motors gained immense muscle, management and technical knowledge to push their bid through to the deal. The buyout has been one of the most complex one in the recent history of acquisitions.
Another Indian auto giant, Mahindra and Mahindra, which had also bid for the two brands but later pulled out of the race, has hailed the deal. Managing Director and Vice-Chairman of Mahindra Group, Anand Mahindra said “The acquisition of car brands has made the world take notice of the India Inc’s growing presence in the global automotive arena.”
Two-wheeler giant Bajaj Autos which has a large presence in overseas market has also praised Tata Motors for the acquisitions. Chairman of Bajaj Auto Rahul Bajaj said “I have great regard for Ratan Tata and Ravi Kant, who has been a key figure in clinching the deal. Currently there is no reason to believe that they will fail in their venture, but time will tell on how things move forward from now. Tata Motors learn a lot on brand positioning, research and development and networking from JLR.” he said.
The Director General of Confederation of Indian Industry (CII) SS Mehta said “ The Tata-Jaguar/Land Rover agreement is again a landmark in Indian corporate history. Tata’s have wrapped the deal in their traditional, transparent and ethical manner.”
The Associated Chamber of Commerce and Industry of India (Assocham) has complimented Tata Motors for not only acquiring the Anglo-Dutch Steel manufacturer Corus, but also for the complex JLR deal.
“The way Tata’s have done it makes India proud,” said chamber president Venugopal Dhoot.