Ravi Kant retires from Tata Motor's Vice Chairman

Mr Ravi Kant Non-Executive Vice Chairman retired from the Board of the Company on May 31, 2014 on attaining the age of 70 as per the Indian company’s retirement policy. The Board of Directors placed on record their appreciation of the contribution of Mr. Ravi Kant during his tenure with the Company including as Managing Director for the period July 29 2005 to June 1, 2009 and thereafter in his capacity as Non-Executive Vice Chairman. On this occasion, Mr. Cyrus P Mistry, Chairman, Tata Sons and Tata Motors, said, “On behalf of the Board and Tata Motors I would like to thank Ravi for his valuable contribution in the growth and development of the Company.  I wish him all the best for the future.”

Ravi Kant retires from Tata Motors' Vice Chairman

Mr Ratan Tata and Ravi Kant have been the two masterminds behind acquiring and the growth of Jaguar Land Rover since the Indian automotive manufacturer procured the British marquee in 2008. Ravi Kant has been one of the strong pillars in laying the foundation for Tata Motors. The Vice Chairman of Tata Motors was appointed as the advisor for Jaguar Land Rover in July 2010. Mr Kant was working so several projects with Jaguar Land Rover to reduce its manufacturing cost, sharing of platforms, substantial cost reduction and other initiatives with the company. He has also been working on joint development of engines, platforms and other engineering technologies for Tata Motors and Jaguar Land Rover.

Tata Motors had recently reported its Consolidated revenues of Rs.65,317 crores for the quarter ended March 31, 2014. The Indian auto maker has achieved an increase by 16.6 % over Rs. 56,002 crores when compared to the corresponding quarter of the previous year. The Consolidated Profit before Tax for the quarter was Rs.5,053 crores, as compared to Rs.4,698 crores for the corresponding quarter of the previous year and the Consolidated Profit (after tax and post minority interest and profit in respect of associate companies) for the quarter was Rs.3,918 crores as compared to Rs.3,945 crores for the corresponding quarter of the previous year. This has been possible even after the fact that we have had a weak operating and economic environment in the standalone business. What the market needed was more than offset by introduction of new products to carter to the demands and even the growth in volumes of richer product mix. This is what exactly Jaguar Land Rover did, introduced several new products and had a strong year in terms of sales and profit.

Source : CarDekho