Reducing debt, and improving the product portfolio will top the priority of Tata Motors, said N Chandrasekaran chairman of the company, at a shareholders' meeting on Tuesday.
“Currently the TML group has a net automotive debt of Rs48000 crore and currently we are deleveraging this business substantially. The target is to bring it to near zero debt levels in the next three years. Towards this, the company has already taken steps. This includes making the company free cash flow positive by FY22. The TML group, he added will also look to unlock investment in various non-core businesses.
Tata Motors is committed to its UK venture Jaguar and Land Rover, he told the company’s 75th Annual General Meeting. The new company’s models like the Nexon, Altroz and Harriers have been received well in India and show investments have started paying off.
Tata Motors overtook Mahindra & Mahindra (M&M) to third place in terms of vehicles registered in July over the year-ago period, Business Standard reported earlier.
This is according to market share data (manufacturer-wise), based on new registrations, released by the Federation of Automobile Dealers Association (Fada).