Thursday, March 27, 2008

Praise for Tatas for Jaguar, Land Rover deal

The workers at Jaguar and Land Rover are not the only people who praised Tata Motors for the $2.3 billion deal with Ford. Commerce Minister Kamal Nath Wednesday joined corporate India in complementing the Tata group for spearheading India Inc's globalisation drive.
"My congratulations to the Tatas and entire corporate world as they have held India's private sector flag high. The world is looking at India," Kamal Nath said at the sidelines of a meeting here.
"The most important thing is that world is recognising India's credibility," he said, adding the $2.3 billion deal was also a sign of the rising globalisation of Indian companies even at a time when there was a global slowdown.

"The acquisition of Jaguar and Land Rover has been a culmination of a process of acquisition overseas by the Indian corporate," said the Federation of Indian Chambers of Commerce (Ficci) in a statement.
"With the meltdown in US and repercussions in Europe, Ficci is convinced India Inc will have many more opportunities of buying up valuable companies in these markets, provided the growth momentum of the Indian economy is sustained."
The Associated Chambers of Commerce and Industry (Assocham) said the agreement signed by the Tatas also marks the transparent and business-like manner in which the group has negotiated with Ford, which needed to be complimented.
"The Indian industry has been doing an extremely good job in acquiring foreign assets. But the way the Tatas have done it makes India proud," said Venugopal N. Dhoot, the president of the industry lobby.
Indo-Asian News Service

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