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Tata Motors
Exiting Singur as have promises to keep: Ratan Tata
Posted by :
RoseTracked by: 0 Boarder
Tata Motors have decided to pull out of Singur. In a meeting held with the Chief Minister of West Bengal, Buddhadeb Bhattacharjee and Minister in Charge, Department of Commerce & Industries, Nirupam Sen, Ratan Tata, Chairman, Tata Sons & Tata Motors and Ravi Kant, Managing Director, Tata Motors, expressed their extreme anguish at the heightened level of agitation and hostility by the opposition parties led by Mamata Banerjee, resulting in a concern for the physical security of their staff, contractors and vendors.
Threats, intimidation and instances of assault and general obstruction in one form or the other have been the order of the day. It was therefore that Tata and Ravi Kant conveyed to the Chief Minister that in the interest of the project's success and viability and in light of the opposition's continued agitation, there was no option but to move the project out of the state of West Bengal. Ratan Tata and Ravi Kant expressed their deep appreciation of the state government's efforts to facilitate and support the Nano Project.
Also read: Tatas to rollout Nano by Oct, Singur exit likely
Tata Motors had constructed the plant over the past two years, despite continued agitation, hostility and continuous effect on the reputation and integrity of the Tata Group also. Tata Motors almost reached a start up position of the plant. However, the heightened hostility and agitation had caused the commissioning and start up phase to be suspended. The contract labour had also been intimated and assaulted, thus making it impossible to continue. Tata Motors had suspended work for an entire month on the plant. Unfortunately, there was no de-escalation in the level of hostility and agitation. The Trinamool Congress (TMC) and those supporting them, continue to demand a part of the land to be returned to the farmers by the Government, which would render the project unviable.
Speaking to the press about his decision, Ratan Tata said that he was hoping for some understanding and reduction in agitation but agitation increased in the last two years. “We have faced enormous disruption and intimidation. We have taken the regretful decision to move the Nano project out of West Bengal and do not see any change in the horizon in West Bengal. We have moved the project out of West Bengal as we have timelines to meet and promises to keep but we have not lost any enthusiasm for the project.”
Ratan Tata said that he is forced by situation not from the government but circumstances on the ground. “It is an extremely painful decision and has shattered many dreams but there was no other option. We are leaving because of Mamata Banerjee agitation, not because of the state government. We cannot run a plan under police protection, bombs being thrown and intimidation but we parted as friends and will continue to look at West Bengal even if Nano project couldn’t work out there.”
Ratan Tata said that he has taken the decision keeping in mind our responsibilities to shareholders. "We will include West Bengal in future plans for Tatas. We truly believe and respect what the Chief Minister is trying to do in developing West Bengal. We assured the Chief Minister that this will not hurt further Tata Projects in West Bengal."
Ratan Tata said that Nano will come on committed time. "We will soon announce about new locations for Nano and are looking for congenial environment to set up Nano plant. We will make makeshift arrangements to meet the Nano deadline. We are yet to evaluate the financial losses in moving out of West Bengal. We will try and relocate those we have trained for the Nano project in other locations.”
Ratan Tata said that the vendors are an integral part of process. "We will do everything we can to make vendors move with us and will protect them to the extent we can."
Ratan Tata did not want to comment on manner in which the land was acquired and on how land already allotted will be used. He believes land was acquired legally and under a transparent process.
Source:moneycontrol...
NSE Announcements on Tata Motors
Posted by : MMB MessengerTracked by: 0 Boarder
Tata Motors Limited has informed the Exchange regarding a press release dated October 03, 2008, titled "Tata Motors to relocate Nano Project from Singur". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
Who will be the bigger loser from the Nano pullout Tatas OR West Bengal?
Posted by : sambalaTracked by: 2 Boarders
Karnataka’s offer to Tatas
S.Rajendran
Bangalore: Karnataka Chief Minister B.S. Yeddyurappa has directed Minister for Large and Medium Industries Murugesh Nirani to visit Pune and Mumbai on Saturday to call on senior Tata Motors officials and impress on them to set up the Nano car plant in this State.
Mr. Yeddyurappa, who chaired a high-level meeting on Friday night, told The Hindu that the State government would extend all support to the Tatas to set up their manufacturing plant here. Tata Motors’ Managing Director Ravikanth is in touch with the State government.
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In reply to:
Who will be the bigger loser from the Nano pullout Tatas OR West Bengal?
Posted by : sambala
It’s a LOSS, says Sen
Special Correspondent
Kolkata: “The eight crore people of West Bengal have suffered a LOSS with the exit of the NANO project from West Bengal and we do not know how to make it up,” Industry Minister Nirupam Sen said here on Friday.
Pointing out that this would have “a very very negative impact” on the perception of West Bengal as an investment destination, Mr. Sen said that the main task before the government now would be to restore investor confidence. “The State government remains committed to industrialisation,” he said. He also said that there was no question of returning the acquired lands at Singur.
On the eve of the Durga Puja, this decision on the part of the Tatas has brought in bad news that would disappoint scores of aspiring youth who had begun looking forward to a new dawn and a future for themselves.
“I hope that the persons who had spearheaded this political agitation would do some introspection as to how their decision had benefited the people of West Bengal. They are opposing not only this project but also power, and road projects. I would urge them to take a re-look,” he said.
A dejected Mr. Sen said that efforts were made to convince Mr. Tata to have faith in the West Bengal government, but they said that time was running out for them for an international project such as this. “However, they assured us that they would not fight shy of West Bengal as regards their future plans,” he said.
He said the government would try to facilitate the setting up of some industrial project on the land at Singur since the acquired land could not be returned. However, residents of Singur said that if the Tatas could not set up their project, they would resist any attempt to set up another industry on that land.
Who will be the bigger loser from the Nano pullout Tatas OR West Bengal?
Posted by : sambalaTracked by: 2 Boarders
It’s a LOSS, says Sen
Special Correspondent
Kolkata: “The eight crore people of West Bengal have suffered a LOSS with the exit of the NANO project from West Bengal and we do not know how to make it up,” Industry Minister Nirupam Sen said here on Friday.
Pointing out that this would have “a very very negative impact” on the perception of West Bengal as an investment destination, Mr. Sen said that the main task before the government now would be to restore investor confidence. “The State government remains committed to industrialisation,” he said. He also said that there was no question of returning the acquired lands at Singur.
On the eve of the Durga Puja, this decision on the part of the Tatas has brought in bad news that would disappoint scores of aspiring youth who had begun looking forward to a new dawn and a future for themselves.
“I hope that the persons who had spearheaded this political agitation would do some introspection as to how their decision had benefited the people of West Bengal. They are opposing not only this project but also power, and road projects. I would urge them to take a re-look,” he said.
A dejected Mr. Sen said that efforts were made to convince Mr. Tata to have faith in the West Bengal government, but they said that time was running out for them for an international project such as this. “However, they assured us that they would not fight shy of West Bengal as regards their future plans,” he said.
He said the government would try to facilitate the setting up of some industrial project on the land at Singur since the acquired land could not be returned. However, residents of Singur said that if the Tatas could not set up their project, they would resist any attempt to set up another industry on that land.
...
In reply to:
Who will be the bigger loser from the Nano pullout Tatas OR West Bengal?
Posted by : sambala
Nano will cost Bengal hundreds of crores a year
Pradeep Gooptu / Kolkata October 01, 2008
Sources in the West Bengal government’s finance department said the state had made budgetary provisions that would run into several hundred crores every year for 20 to 30 years to attract Tata Motors’ Nano project to Singur.
This payout was to begin from the scheduled start of the production in 2008. The project is now facing problems owing to protests by land-losers unwilling to compensation from the government.
Responding to questions raised on the basis of the contract signed between the state government, Tata Motors and West Bengal Industrial Development Corporation (WBIDC), the source said the state would also match any additional benefits accruing to factories in hill states like Uttarakhand, were these states to receive any further incentive packages in the future.
At the end of 2006, the state government had disbursed the first part of its support to Tata Motors in the form of a soft loan of Rs 200 crore at an interest of 1 per cent per year repayable in five equal annual instalments from the 21st year from disbursement of the loan, entailing a lock-up of the capital and loss of interest income on the amount for the entire tenure.
At a simple rate of 12 per cent a year, the interest subsidy would cost the state about Rs 25 crore a year.
The state had committed to extend a loan of around Rs 400 crore a year at 0.1 per cent interest, payable monthly, for 30 years, as a matching amount for the value added tax (VAT) received by the state at the rate of 12 per cent on every car sold.
The 12 per cent VAT on the Rs 1 lakh base model would go up if more of the upper-end versions of Nano were sold, so the amount of the loan to be extended to TML could surge.
The state would also extend a loan to match the central sales tax collected on the vehicle, payable on each car sold outside the state, or aggregates of such cars sent to other factories, and this commitment was expected to cost the state at least Rs 50 crore a year, given the installed capacity of the Singur plant to make 350,000 cars and generate components and aggregates for up to 500,000 cars.
The state government had also promised Tata Motors subsidised power at the rate of Rs 3 per kilo watt hour (kwh), or at around half the price of power charged to high-tension industrial consumers in the state at present, in perpetuity.
This in turn would mean extending support to the tune of up to Rs 70 crore a year for the 997-acre factory zone comprising the mother plant, the ancillary and component facilities and all related infrastructure under the current power tariff structure.
Incidentally, land for the factory had also been provided at a subsidised rate with 645 acres being provided to Tata Motors at Rs 1 crore a year against market rate of Rs 19.3 crore a year in that area, and with 290 acres being provided for the vendor and related facilities units at Rs 23 lakh a year against a market rate of Rs 8.7 crore a year. This excluded the cost of acquisition of the land pegged at around Rs 120 crore.
NANO Goes out of W B
Posted by : rvk41Tracked by: 0 Boarder
Given the continual unfortunate conditions, Tata Motors has finally decided to take the hard decision of moving the project out of the State. In doing so, the company recognizes all the cooperation it has received from the State Government and states categorically that the NANO project having to be moved from West Bengal is entirely due to the continued agitative actions by the opposition party led by Mamata Banerjee with total disregard for the rule of law
For information,with regards
rvk41...
support
Posted by : vkk43Tracked by: 0 Boarder
This share should find its support around 310/- now....
Who will be the bigger loser from the Nano pullout Tatas OR West Bengal?
Posted by : sambalaTracked by: 2 Boarders
Nano will cost Bengal hundreds of crores a year
Pradeep Gooptu / Kolkata October 01, 2008
Sources in the West Bengal government’s finance department said the state had made budgetary provisions that would run into several hundred crores every year for 20 to 30 years to attract Tata Motors’ Nano project to Singur.
This payout was to begin from the scheduled start of the production in 2008. The project is now facing problems owing to protests by land-losers unwilling to compensation from the government.
Responding to questions raised on the basis of the contract signed between the state government, Tata Motors and West Bengal Industrial Development Corporation (WBIDC), the source said the state would also match any additional benefits accruing to factories in hill states like Uttarakhand, were these states to receive any further incentive packages in the future.
At the end of 2006, the state government had disbursed the first part of its support to Tata Motors in the form of a soft loan of Rs 200 crore at an interest of 1 per cent per year repayable in five equal annual instalments from the 21st year from disbursement of the loan, entailing a lock-up of the capital and loss of interest income on the amount for the entire tenure.
At a simple rate of 12 per cent a year, the interest subsidy would cost the state about Rs 25 crore a year.
The state had committed to extend a loan of around Rs 400 crore a year at 0.1 per cent interest, payable monthly, for 30 years, as a matching amount for the value added tax (VAT) received by the state at the rate of 12 per cent on every car sold.
The 12 per cent VAT on the Rs 1 lakh base model would go up if more of the upper-end versions of Nano were sold, so the amount of the loan to be extended to TML could surge.
The state would also extend a loan to match the central sales tax collected on the vehicle, payable on each car sold outside the state, or aggregates of such cars sent to other factories, and this commitment was expected to cost the state at least Rs 50 crore a year, given the installed capacity of the Singur plant to make 350,000 cars and generate components and aggregates for up to 500,000 cars.
The state government had also promised Tata Motors subsidised power at the rate of Rs 3 per kilo watt hour (kwh), or at around half the price of power charged to high-tension industrial consumers in the state at present, in perpetuity.
This in turn would mean extending support to the tune of up to Rs 70 crore a year for the 997-acre factory zone comprising the mother plant, the ancillary and component facilities and all related infrastructure under the current power tariff structure.
Incidentally, land for the factory had also been provided at a subsidised rate with 645 acres being provided to Tata Motors at Rs 1 crore a year against market rate of Rs 19.3 crore a year in that area, and with 290 acres being provided for the vendor and related facilities units at Rs 23 lakh a year against a market rate of Rs 8.7 crore a year. This excluded the cost of acquisition of the land pegged at around Rs 120 crore.
...
In reply to:
Who will be the bigger loser from the Nano pullout Tatas OR West Bengal?
Posted by : MMB Moderator
The Tatas and West Bengal government believe that the Singur project will not take off, reports CNBC-TV18, quoting sources. The Tatas have started removing equipment plant parts 10 days back, the sources further stated.
Sources have also said that It\\`s a long process and it will take some time. If the sources are to be believed then the Tatas will begin pulling out Singur in the next few days. The Pune plant will roll out 1000 Nanos by mid-october, sources added.
CNBC-TV18 Disclaimer:
This information is source-based and has not been provided to the stock exchanges.
NSE Announcements on Tata Motors
Posted by : MMB MessengerTracked by: 0 Boarder
Tata Motors Limited has informed the Exchange regarding a press release dated October 01, 2008, titled "Tata Motors Annual Report in Form 20-F". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
BSE Announcements on Tata Motors
Posted by : MMB MessengerTracked by: 0 Boarder
Tata Motors Ltd has informed BSE regarding a Press Release dated October 01, 2008 titled "Tata Motors Annual Report in Form 20-F"...
tata motor - high dividant paying
Posted by :
shenoyjnTracked by: 0 Boarder
Past results do not help now;it should post good results for Sept.08 quarter. I believe if the results are good, it will definately post the results before the right issue closes on Oct 20, 2008. With the unlocking of its valaues it should look attracie. But Auto industry is on slow gear. How the entire picture will emerge is difficult to say...
In reply to:
tata motor - high dividant paying
Posted by :
chintanpatel84
tata motor buy , buy and buy because its strong fundamental and good quater results .
Don\\\\\\\\\\\\\\\\
Posted by : phoenix_risingTracked by: 1 Boarder
somehow I feel that this stock should be bought, though there is no great change in the ground reality but in India who cares about ground reality where everything is now a days manipulated like hell. so I feel we should look at the company when it comes to giving weightage to this stock. Now one interesting things is Tata motors is keeping their cards closed to their chests and buying time till they come up with some good news. I feel at the moment they are heavily concentrating on rolling out the 1st batch of Nano on promised date to enhance their goodwill in the market more. I sense that the mother-project would move to Gujarat and if that is so then Asani\\\\\'s also will be a good benificiary in the process. All are speculations at the moment and only Mr. R. Tata knows the reality but still I am bit positive on this stock....
In reply to:
Don\\\\
Posted by : Guest
Never believe these analysts.
Don\\\\
Posted by : GuestTracked by: 1 Boarder
Never believe these analysts....
In reply to:
Don\
Posted by : Guest
the singur effect is already seen in stock now very small down can be possible. JLR has made profit. right portion willbe fill up by promoter, up their stake, Stock will jump high as it get good atmospere four to six month waiting one must get hand some retuen due to so many reasons
Tata Motors rights issue opens today, stk slips
Posted by : GuestTracked by: 0 Boarder
you will recieve FORMS by post directly fro icici direct its notpossible to subscribe to a RIGHTS ISSUE...
In reply to:
Tata Motors rights issue opens today, stk slips
Posted by : Guest
Does any one know how to subsribe to the rights issue. I have Tata Motor Share through ICICIDirect Demat account. I am not able to figure out how to subscribe to those rights issue from ICICIDirect website.
BUY TATA MOTORS
Posted by : GuestTracked by: 0 Boarder
Don't believe on any probability analist. Tata motors demerging it's subsdiery four, and get atleast 3000 cr, by selling 25% stake. means that it's value 9000 cr remains with TM. there are another 24 subsidiery companies but ther are small. market value of tata motor after right issue at prsent rate is 16500 cr. Now see it's entire valuation 9000 cr + 7000 JLR + Brand value 8000 cr as per ET + Present business value 15000 cr + it's investment and other susidiery value
After four to Six months Auto Sector will be in Bull run as per economy. Jlr will post profit, Nano will be sucseed, After six month there are so many new models for HCV LCV, E car by Diwali, Nearly one lac crore turn over co, shall be in Fortune 500, After all one can trust on RATAN TATA
...
Tracked by: 1 Boarder
the singur effect is already seen in stock now very small down can be possible. JLR has made profit. right portion willbe fill up by promoter, up their stake, Stock will jump high as it get good atmospere four to six month waiting one must get hand some retuen due to so many reasons...
In reply to:
Don't buy Tata Motors, says Madan
Posted by : MMB Messenger
Ashu Madan, National Head of Religare is of the view that one shouldn't buy Tata Motors. The rising input costs and various negatives are inbuilt right now into the stocks and in the near future there is not anything positive for the stock.
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