'Humiliated' Tata 'favoured' Ford with JLR buyout

March 15, 2015

Mumbai, Mar 15: Ratan Tata and his team faced "humiliation" when they went to sell the group's fledgling car business to Ford in 1999, but came back to "do a big favour" just nine years later by taking over the American giant's marquee brands Jaguar and Land Rover.ratan tata

"They told us 'you do not know anything, why did you start the passenger car division at all'. They said they will do us a favour by buying our car division," a Tata Group veteran said while recalling a meeting of Ratan Tata and other top executives with Ford officials in Detroit in 1999.

The Tata Motors team decided to return to New York the same evening and Ratan Tata, then the group chairman, was sombre throughout the 90-minute flight, said Pravin Kadle, who was part of the team at that time and now heads Tata Capital.

"This was in 1999 and come 2008, the same Ford's JLR was bought by us. Ford chairman Bill Ford thanked Tata, saying 'you are doing us a big favour by buying JLR'," Kadle said, to a thunderous applause at an awards function on Thursday night.

He was speaking, mostly in Marathi, after receiving the YB Chavan National Award 2014 on behalf of Ratan Tata, who is now Chairman Emeritus of the over USD 100-billion group.

The poor response to its maiden hatchback Indica had driven Tata Motors to sell the car business, within a year of its debut in 1998, to Ford Motor.

"Some people advised chairman Ratan Tata to sell the passenger car division following the poor response it got post launch. Ford officials came down to our headquarters Bombay House and evinced interest in our car business.

"We were called to Detroit for discussions and I accompanied the chairman. For nearly three hours, we discussed the sell-off with Ford officials but were meted out humiliating treatment," said Kadle, who played a major role in the turnaround and growth of Tata Motors.

During his tenure at Tata Motors, Kadle was part of the senior leadership team that managed the cross-border acquisitions like Daewoo of South Korea, Incat Technologies of the UK and eventually of Jaguar-Land Rover of UK.

Nine years after the 'humiliation', the clock turned a full circle and the salt-to-software conglomerate humbled the mighty Ford -- which was on the verge of bankruptcy after the 2008 global financial meltdown -- by taking over the iconic Jaguar Land-Rover brands for USD 2.3 billion, Kadle recalled.

Within a few years of the buyout, JLR made a dramatic turnaround and is the mainstay of Tata Motors' finances now.

Kadle, who has been with the group for 21 years, said the driving factor for Tata in the Indica project was to launch the country's first indigenously designed car from scratch.

The ambitious car was not a commercial success in first few years and it was suggested to sell the passenger vehicles vertical, Kadle said.

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Agencies
January 24,2020

New Delhi, Jan 24: The Election Commission of India on Friday told the Supreme Court that its 2018 direction asking poll candidates to declare their criminal antecedents in electronic and print media has not helped curb criminalisation of politics. The poll panel suggested that instead of asking candidates to declare criminal antecedents in the media, political parties should be asked not to give tickets to candidates with criminal background.

A bench of Justices R F Nariman and S Ravindra Bhat asked the ECI to come up with a framework within one week which can help curb criminalisation of politics in nation's interest.

The top court asked the petitioner BJP leader and advocate Ashiwini Upadhyay and the poll panel to sit together and come up with suggestions which would help him in curbing criminalisation of politics.

In September 2018, a five-judge Constitution bench had unanimously held that all candidates will have to declare their criminal antecedents to the Election Commission before contesting polls and had called for a wider publicity, through print and electronic media about antecedents of candidates.

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Satya Vishwasi
 - 
Saturday, 25 Jan 2020

What about those criminals who were already in parliament and vidahan sabhas? shall the ECI cancel their positions?

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News Network
June 10,2020

Patna, Jun 10: A man in Bihar has willed half his property to two elephants after one of them foiled an attempt on his life by a pistol-totting criminal.

Akhtar Imam, chief manager of the Asian Elephant Rehabilitation and Wildlife Animal Trust (AERAWAT), said he has been looking after elephants since the age of 12.

"Once, there was an attempt of murder made against me. At that time the elephants saved me. When some miscreants armed with pistols tried to enter my room my elephant started trumpeting. It woke me up and I was able to shout and raise an alarm due to which the miscreants ran away," Imam said.

Imam says the two elephants, named Moti and Rani are like family for him and he cannot live without them.

However, the man claims that he fears threats to his life from his family members after he transferred his land to his two elephants. Imam's wife and sons have been living away from him for the last 10 years due to some dispute in the family.

He recounted that his son had allegedly filed a wrong case against him and also got him locked up. He eventually was let away after the charges levelled against him were proven wrong.

Imam said that his son Meraj had tried to sell the elephant to smugglers but was fortunately caught.

Imam says he has willed half of his property to his wife and his share of property worth Rs 5 crore to elephants said that if the jumbos die then the money would go to AERAWAT organisation.

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News Network
June 13,2020

New Delhi, Jun 13: Petrol price on Saturday was hiked by 59 paise per litre and diesel by 58 paise as oil companies for the seventh day in a row adjusted retail rates in line with costs since ending an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 75.16 per litre from Rs 74.57, while diesel rates were increased to Rs 73.39 a litre from Rs 72.81, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the seventh daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In seven hikes, petrol price has gone up by Rs 3.9 per litre and diesel by Rs 4.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.

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