Automobile major Tata Motors on Thursday said its subsidiary Jaguar Land Rover has comprehensive contingency planning and actions in place to respond to ongoing Covid challenges and disruption in the UK.
“This is subject to constant review,” Tata Motors said in a statement.
According to the statement, recent issues at UK ports have had no immediate impact for Jaguar Land Rover.
“Our guidance of improved growth, profitability and cash flows in second half of the year continues to hold.”
The development comes after a new mutant strain of Covid-19 virus was discovered in the UK. Many countries have suspended flight and other connectivity services to the island nation in view of the new strain which is said to be more contagious.
The company recently announced that it was planning to buy 49 per cent stakes of Marcopolo S.A. in the bus and coach making joint venture Tata Marcopolo Motors Ltd for Rs 99.96 crore.
In a regulatory filing, Tata Motors said that as a consequence of its refreshed business strategy, Marcopolo S.A has decided to exit from the joint venture and offered to sell its 49 per cent shareholding in Rs 170 crore capital Tata Marcopolo to it.
According to Tata Motors, the two companies have entered into a share purchase agreement whereby the former will purchase the balance 49 per cent shareholding in Tata Marcopolo for a cash consideration of Rs 99.96 crore.
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