Dear Shareholders,
 
 Global sales of passenger cars and commercial vehicles grew by 3.6% and
 5.8% respectively during the year. In the United States, where there
 are clear signs of growth, sales increased by 9.8% for cars and 14% for
 commercial vehicles, whereas in Western Europe and the U.K., where
 there has been only marginal growth, sales declined for cars but
 increased for commercial vehicles. In Asia, the main drivers of growth
 have been China and India, which have collectively registered growth,
 albeit at lower levels than the previous year.
 
 In the U.S., the ''big three'' automobile manufacturers registered volume
 growth and profits during the year.  Ford, which declined a government
 bail-out package, did an outstanding job of increasing sales and
 establishing profitable operations through the introduction of smaller,
 fuel-efficient vehicles which appealed to the consumers. Chrysler,
 (under Fiat management), which did avail of the government bail- out
 package, had a remarkable turnaround with new products, restructuring
 and tremendous employee motivation. General Motors, which was perhaps
 in the worst position in the earlier period, was, with the help of the
 government bail-out package, also able to establish a profitable level
 of production in the year, with the introduction of smaller, more
 fuel-efficient cars.
 
 In Europe, where sales have been more or less stagnant, the competition
 has been fierce. Volkswagen and their affiliates have continued to be,
 by far, the largest automobile company in Europe for passenger cars.
 
 Mercedes- Benz, the market leader, was overtaken by BMW and then
 further relegated to the number three position by Audi. More
 fuel-efficient cars, hybrids and electric vehicles continue to be of
 interest, but a major attraction appears to have been city cars which
 are small and highly fuel-efficient or are electrically driven.
 
 By contrast, Asia has continued to register growth, mainly from
 domestic and overseas sales growth in China and India. China has
 emerged as the largest car market and car producing center of the
 world. Chinese brands have started to appear in world markets and in
 all probability these will grow into international brands in the next
 few years.
 
 The year saw increased sales of passenger cars and commercial vehicles
 in India over the previous year, the main growth being at the low end,
 with an emphasis on new, fuel-efficient cars and a shift of preference
 to diesel.  The domestic consumer showed considerable interest in small
 SUVs and in all luxury brands.
 
 The year has been a mixed bag for Tata Motors. The Company retained its
 market leadership in commercial vehicles and gained further market
 strength through the highly successful Ace and Magic - its new line of
 light pick-up trucks. On the other hand, passenger car sales were below
 expectations, even though sales of the Nano increased over the previous
 year.
 
 In the coming years, Tata Motors'' predominance in commercial vehicles
 will be challenged by the entry of international brands like
 Mercedes-Benz, Volvo and Navistar which have all entered, or are in the
 process of entering India. A new line of very competitive,
 fuel-efficient vehicles is being developed by Tata Motors to meet the
 competition head-on. In passenger cars, Tata Motors will face even
 greater competition from the many automotive brands that are in the
 country. The Company will need to address the marketplace more
 effectively with its existing and future products in order to regain
 the level of market share that it earlier enjoyed.  The fundamental
 economies of the Nano, which was globally acclaimed when it was
 unveiled in 2008 and which was plagued with start-up roadblocks in the
 state of West Bengal, will continue to establish itself in the Indian
 market with a wider sales and service network. The potential market for
 such an affordable car is enormous throughout the developing world.
 
 Jaguar Land Rover''s operations have shown impressive growth in sales
 and profitability. Sales have increased by 37% and 29% respectively in
 value and volume over the previous year. The Company has undertaken its
 most ambitious product development program in its history, and will be
 launching several new sports sedans and sports cars in the next two
 years in order to provide dealers with a more competitive and wider
 product range. The Company will also be offering cars with new
 higher-powered, more fuel-efficient engines to meet the customer
 preferences. Face-lifted and new models of the Range Rover as well as a
 competitively-priced new line of rugged, lifestyle vehicles under the
 Land Rover brand are also scheduled to be launched. New manufacturing
 facilities are being considered in China to better meet market demand
 for Jaguar and Range Rover in the region.
 
 The automobile sector impacts the lives of millions worldwide. It
 creates a huge number of direct and indirect jobs - and drives the
 quest for new technologies, lighter, stronger materials as well as new
 processes and business models. It has resulted in some of the most
 important infrastructure investments in many countries - highway
 systems which connect cities, connect production centers to markets and
 rural areas, and connect communities separated by water and mountains
 through bridges and tunnels. While commercial vehicles constitute one
 of the main forms of competitive goods transport, based on a business
 proposition, the passenger car is probably one of the most emotive
 products in the world today. Despite the much greater interest in
 performance, advanced technology and reliability, the acquisition of a
 car continues to have an important element of emotional buyer
 attraction based on design, style and visual appeal which results in a
 sale.
 
 The automotive industry has been, and probably will always be, a
 barometer of the economic health of a nation, and remains a symbol of a
 nation''s prosperity. It will play an important role in the development
 of India. Tata Motors will strive to retain its market prominence
 domestically and internationally and will continue to be a responsible
 corporate citizen wherever it operates and do the right thing for all
 its stakeholders and the communities which it serves.
 
 In ending, I would like to express my special thanks and deep
 appreciation to all the employees of Tata Motors in India, the Republic
 of Korea and other locations for their commitment and dedication to
 meet the Company''s goals. I especially want to recognize and express my
 appreciation to the employees of JLR for their impressive achievement
 in the overall performance of JLR in the year under review. I would
 also like to express my deep appreciation to you, our shareholders, for
 the support and understanding you have given to us in good times and
 bad.
 
 Without the support of employees and without the understanding and the
 support of our unions and shareholders, none of what we have been able
 to do could have been achieved.
 
 Mumbai, 
 June 21, 2012                               Chairman