JLR now accounts for two-thirds of Tata Motors’ consolidated revenues and profits. The most dramatic change is happening in free cash flow generation, which used to be the weakest link at JLR. The company also accounts for over a third of Tata Motors’ share price valuation. What drove this transformation, and is it sustainable?
The day was June 2, 2008. Ratan Tata was looking sharp in a grey suit-white shirt combination as he sported a confident smile after clinching a USD2.3 billion all-cash deal to acquire UK-based marquee luxury car brands Jaguar and Land Rover (JLR). As congratulatory messages and loud applause filled the air at JLR’s Gaydon office in the UK, outside, the criticism from industry experts was even sharper: “Why on earth?”. They had a point. The world
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