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Tata Motors Ltd

BSE Code : 500570 | NSE Symbol : TATAMOTORS | ISIN:INE155A01022| SECTOR : Automobile |

NSE BSE
 
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302.80

1.65 (0.55%) Volume 280564

07-May-2021 EOD

Prev. Close

301.15

Open Price

303.20

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 305.85 - 300.45

52 wk High/Low 357.00 - 79.60

Key Stats

MARKET CAP (RS CR) 107373.2
P/E 0
BOOK VALUE (RS) 55.6110281
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 5.44496317269128
DIV YIELD.(%) 0
FACE VALUE (RS) 2
DELIVERABLES (%) 13.94
4

News & Announcements

07-May-2021

Tata Motors increases prices of passenger vehicles

07-May-2021

Tata Motors to hike price of passenger vehicles

06-May-2021

Tata Motors Ltd - Tata Motors Limited - Loss of Share Certificates

03-May-2021

Tata Motors Ltd - Tata Motors Limited - Press Release

07-May-2021

Tata Motors increases prices of passenger vehicles

01-May-2021

Tata Motors sells 41,858 units in April

26-Apr-2021

Tata Motors to announce Quarterly Result

22-Apr-2021

Tata Motors provides operations update for Jaguar Land Rover UK

Corporate Actions

Bonus
Splits
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Board Meeting
AGM
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Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Ashok Leyland Ltd 500477 ASHOKLEY
Force Motors Ltd 500033 FORCEMOT
Mahindra Nissan Allwyn Ltd (Merged) 505182
SML ISUZU Ltd 505192 SMLISUZU
Tata Motors-DVR 570001 TATAMTRDVR

Share Holding

Category No. of shares Percentage
Total Foreign 835235980 25.16
Total Institutions 395660521 11.92
Total Govt Holding 4944144 0.15
Total Non Promoter Corporate Holding 15319965 0.46
Total Promoters 1540885009 46.41
Total Public & others 528262146 15.91
Total 3320307765 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Tata Motors Ltd

Tata Motors Limited is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles. As India's largest automobile company and part of the USD 113 billion Tata group, Tata Motors has operations in the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 76 subsidiary and associate companies, including Jaguar Land Rover in the UK and Tata Daewoo in South Korea. In India, Tata Motors is a market leader in commercial vehicles and among the top passenger vehicles manufacturers with 9 million vehicles on Indian roads. With design and R&D centres located in India, the UK, Italy and Korea, Tata Motors strives to pioneer new products that fire the imagination of GenNext customers. Abroad, Tata cars, buses, and trucks are being marketed in Europe, Africa, the Middle East, South Asia, South East Asia, South America, Australia, CIS and Russia. Tata Motors has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight (GVW) trucks (including pickup trucks) and from small, medium, and large buses and coaches to passenger cars. The company's segments include automotive, and others, which include information technology (IT) services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business. The company's passenger cars include the Indica, the Indica Vista, the Indigo and the Indigo Marina. Jaguar produces four car lines: XK, XF, XJ and X-Type. They manufacture a number of utility vehicles (UV), including the Sumo, and the sports utility vehicle (SUV), Tata Safari. Also, they manufacture a variety of light commercial vehicles (LCVs), including pickup trucks, trucks and buses with GVW of between 0.7 ton and 7.5 tons. This also includes the Ace, a mini-truck with a 0.7 ton payload, the Magic, a passenger variant for commercial transportation and the Winger. They also manufacture a variety of medium and heavy commercial vehicles (M&HCVs), which include trucks, buses, dumpers and multi-axled vehicles with GVW of between 9 tons to 49 tons. The company's manufacturing plants are situated at Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka) and Sanand (Gujarat). Through their subsidiaries and associate companies, the company has operations in the UK, South Korea, Thailand and Spain. Tata Motors Ltd was incorporated in the year 1945 with the name Tata Engineering and Locomotive Co Ltd for manufacturing locomotives and other engineering products. In the year 1948, the company introduced steam road roller in collaboration with Marshall Sons (UK). In the year 1954, they made collaboration with Daimler Benz AG, West Germany for manufacturing medium commercial vehicles. In the year 1959, they set up a Research and Development Centre at Jamshedpur. In the year 1961, they started to export their products and the fist truck being shipped to Sri Lanka. In the year 1966, the company set up the Engineering Research Centre at Pune to provide impetus to automobile Research and Development. In the year 1977, they manufactured first commercial vehicle in Pune. In the year 1983, they commenced manufacturing of Heavy Commercial Vehicle. In the year 1985, the company produced first hydraulic excavator in collaboration with Hitachi. In the year 1986, they produced the indigenously designed light commercial vehicle Tata 407 followed by 608. In the year 1989, they introduced third LCV model, Tatamobile 206. In the year 1991, the company launched first indigenous passenger car, Tata Sierra and in the next year, they launched Tata Estate. In the year 1993, the company signed a joint venture agreement with Cummins Engine Co. Inc. for the manufacture of high horsepower and emission friendly diesel engines. In the year 1994, the company launched Tata Sumo and LPT 709. During the year, the company signed a joint venture agreement with Daimler - Benz / Mercedes - Benz for manufacture of Mercedes Benz passenger cars in India. Also, they singed a joint venture agreement with Tata Holset Ltd, UK for manufacturing turbochargers to be used on Cummins engines. In the year 1995, they launched Mercedes Benz car E220 and in the next year, they launched Tata Sumo deluxe. In the year 1997, the company launched Tata Sierra Turbo and in the next year, they launched Tata Safari and Indica in the market. In the year 2000, they launched Indica 2000 and CNG buses. In the year 2001, they launched Indica V2, CNG Indica and Tata Safari EX. In the year 2002, the company signed a product agreement with MG Rover of the UK. Also, they launched Petrol version of Indica V2, EX series in Commercial vehicles, Tata Sumo+ Series and Tata Indigo. In the year 2003, they launched Tata Safari Limited Edition CityRover, 135 PS Tata Safari EXi Petrol and Tata SFC 407 EX Turbo in the market. In July 29, 2003, the name of the company was changed from Tata Engineering Co Ltd to Tata Motors Ltd. In the year 2004, the company acquired Daewoo Commercial Vehicle Company and renamed it as Tata Daewoo Commercial Vehicle Co. Ltd. This company launched the heavy duty truck 'NOVUS' in Korea. Also, the company launched Tata Indica V2, Tata LPT 909 EX, Sumo Victa and Indigo Marina during the year. In the year 2005, the company acquired 21% stake in Hispano Carrocera SA, Spanish bus manufacturing Company. The company launched branded buses and coaches, namely Starbus and Globus in the market. Also, they launched Tata Ace, Indigo SX series, Indica V2 Turbo Diesel, Tata TL 4X4 and Tata Novus. During the year, the company inaugurated a new factory at Jamshedpur for Novus. Also, they unveiled Tata Xover at the 75th Geneva Motor Show. In the year 2006, the company made a joint venture with Marcopolo, Brazil for manufacturing fully built buses & coaches for India & markets abroad. They launched Indica V2 Xeta and new Indigo range. Also, they unveiled new long wheel base premium Indigo & X-over concept at Auto Expo 2006. In the year 2007, the company and Thonburi Automotive Assembly Plant Co. (Thonburi) formed a joint venture company in Thailand to manufacture, assemble and market pickup trucks. They inaugurated Tata-Fiat plant at Ranjangaon. They launched long wheel base Indigo XL, Tata Spacio, Magic, Winger, Sumo Victa Turbo DI, Indica V2 Turbo with dual airbags & ABS and Safari DICOR 2.2 VTT range. During the year 2007-08, the company unveiled the TATA Nano, the world's least expensive car at the Auto Expo 2008 in New Delhi. Subsequently, the car was also unveiled at the Geneva Motor Show and received international acclaim. They commenced production of TATA Ace from their manufacturing facility at Uttarakhand during the year. During the year, the company developed new products for the M&HCV passenger carrier sub-segment and displayed in the Auto Expo 2008, a 28 seater bus and an air conditioned low floor bus developed through their joint venture - Tata Marcopolo Motors Ltd. In the LCV segment, the company introduced two new products - Magic and Winger. Further, the company unveiled the 1 Ton and CNG variant of Ace, Cargo Panel van, Xenon XT - a lifestyle pickup truck and Winger Executive office concept vehicle in the Auto Expo 2008. They showcased their new range of tactical and armoured vehicles for military and para-military forces in the Defence Expo 2008. These include Tata Light Specialist Vehicle, Light Armoured Troop Carrier, Tata 8x8 HMV and the armoured Tata Safari. During the year 2007-08, the company signed an agreement with Fiat Group automobiles SpA Italy and Fiat India Automobiles Pvt Ltd (FIAPL) for establishment of joint venture to manufacture passenger cars engines and transmissions at Ranjangaon in India. In March 2008, the Company introduced Tata Xenon- 1 Ton pickup truck in Thailand through its subsidiary Tata Motors (Thailand) Ltd. On June 2, 2008 the company acquired the businesses of Jaguar Land Rover (a part of Premier Automotive Group of Ford Motor Co.) for USD 2.3 billion. Jaguar Land Rover is in the business of development, manufacture and sale of high end luxury cars and SUVs. The acquisition includes the ownership of three major manufacturing plants, two advanced design centres in UK, a worldwide sales network, Intellectual Property Rights (including perpetual royalty free licenses) and Brands and Trade marks. During the year 2008-09, the company partially divested their stake in Tata AutoComp Systems Ltd an associate company, from 50% to 26%. Also, they sold their investment in Tata Tele Services Ltd. During the year, the company launched 28 new commercial vehicles. Among the new products launched during the year were LPT 3118 - a truck with lift axle, CNG variants of the Ace, Magic and Xenon, new range of LCV buses manufactured by Tata Marcopolo Motors and the ICV 909 bus. The company also completed the execution of their first order of 650 low floor buses to Delhi Transport Corporation (DTC). They have also bagged a second order of 1625 similar buses from DTC to be executed in financial year 2009-10, the total order value of which is over Rs 2200 crore. In May 2009, they also unveiled the World Truck range of their next generation heavy trucks. During the year 2009-10, the company acquired 79% shares in Hispano Carrocera, S A by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia S. A., Spain, for a consideration of Euro 2 million (Rs 1371 lakh). Consequently, Hispano Carrocera, S A has become a 100% subsidiary of the company. Also, the company sold 20% stake in Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co Ltd. The company now holds 39.75% stake in Telcon. During the year, the company launched the new heavy truck range Prima. Also, they launched the new range of buses (based on the Prima platform with bodies being made by Tata Marcopolo displayed at the Delhi Auto Expo in January 2010). In small commercial vehicles, they launched the Ace EX and Super Ace. In June 2010, the company inaugurated the factory for the Nano mini car at Sanand, in the western state of Gujarat. The factory is having an initial capacity of producing 250,000 cars per year. During the year 2010-11, the company launched the Aria, a premium crossover with high-end features such as 4x4, Torque on Demand, ESP, six airbags. They launched BS IV compliant variants of the Indica and the Indigo CS, the Indica eV2 and Indigo eCS with segment leading fuel efficiencies. These vehicles are powered by the company's 1.4L CRAIL engine. They launched Venture, a Multi Purpose Vehicle (MPV) on the Ace platform. The company expanded the Prima range launched during the previous year with the introduction of the Prima Construck range of tippers in the market. Also, the company launched the all new Jaguar XJ, the new 4.4 V8 diesel Range Rover and the new 2.2 diesel Land Rover. In September 2010, the company acquired 80% stake in Trilix Srl., Turin (Italy), a design and engineering company. The company increased their shareholding in Tata Precision Industries Pte. Ltd from 49.99% to 78.39% by subscribing to an additional 28.4% share of Tata Precision Industries Pte Ltd, Singapore on February 15, 2011. Tata Precision Industries Pte Ltd holds 100% shares of Tata Engineering Services Pte Ltd, hence Tata Engineering Services Pte Ltd also became a subsidiary. On 6 January 2011, Tata Motors announced the launch of Tata Venture in Rajasthan. The Tata Venture is a multi-purpose vehicle (MPV) with the footprint and maneuverability of a hatchback car, but the interior space of a utility vehicle. On 27 January 2011, Tata Motors announced that its wholly owned subsidiary in Spain Tata Hispano Motors Carrocera SA has won a prestigious order for supplying around 500 buses in the next 3 years to the Avanza Group, one of the largest private passenger transportation groups in Spain. On 10 February 2011, Tata Motors announced that it has won a prestigious order for supplying around 250 Tata Prima trucks to LINFOX Logistics, the largest privately owned supply chain solutions company in the Asia Pacific region with over 50 years of experience in this business. LINFOX will ply these trucks in India. On 23 February 2011, Jaguar Land Rover announced that Jaguar will launch its most potent series production car ever, the all-new XKR-S, at the Geneva motorshow on 1 March 2011. On 1 March 2011, Tata Motors showcased the Tata Pixel, a new city car concept for Europe, at the 81st Geneva Motor Show in Switzerland. On 10 March 2011, Tata Motors announced the launch of the Tata Indica eV2 hatchback built on the Tata Indica platform. On 14 March 2011, Tata Motors announced that it has entered into an understanding with Muthoot Vehicle and Asset Finance Ltd (MVFL) for financing its range of passenger vehicles. With this arrangement, MVFL will be one of the preferred retail financiers of Tata Motors in Kerala. On 18 March 2011, Tata Motors announced increase in prices of Indica passenger car by Rs 7,000 to Rs 9,000, Vista and Indigo CS passenger cars by Rs 8,000 to Rs 11,000 and Manza passenger car by Rs 10,000 to Rs 15,000 on account of steep rise in input costs. The company also announced increase in prices of utility vehicles Sumo by Rs 13,000 to Rs 15,000, Grande by Rs 16,000 to Rs 19,000, Safari by Rs 18,000 to Rs 29,000, Aria by Rs 30,000 to Rs 36,000 and Venture by Rs 9,000 to Rs 12,000. On 19 April 2011, Tata Motors announced that it has entered into an agreement with State Bank of India (SBI) for providing channel financing facilities to the Tata Motors dealers. The bank will provide financing for both, the passenger vehicles and commercial vehicles range. On 10 May 2011, Tata Motors announced the launch of the Tata Magic IRIS,' a four-wheel, 3-4 seater small passenger carrier, a stylish, safe and comfortable alternative for commuters who depend on three-wheelers, and the Tata Ace Zip', a technologically superior and smart micro truck with a payload of 600 kg for deep-penetration door-to-door goods movement. On 17 May 2011, Tata Motors formally announced the launch of Tata Delight, a customer loyalty programme for owners of its commercial vehicles, thereby becoming first company in the commercial vehicles industry to launch this unique engagement initiative. On 27 May 2011, Jaguar Land Rover announced the official opening its first assembly plant in India at Pune in the Maharashtra. The plant will assemble Land Rover Freelander 2 vehicles supplied in Complete Knock Down (CKD) form from Jaguar Land Rover's Halewood manufacturing plant in Liverpool, UK.Tata Motors (SA) (Proprietary) Ltd., Tata Motors' joint venture with Tata Africa Holding (Pty) Ltd., formally opened its assembly plant in South Africa at Rosslyn, north of Pretoria, in the Gauteng province of South Africa on 22 July 2011. Established with an investment of R110 million, the plant can assemble, from semi knocked down (SKD) kits, light, medium and heavy commercial vehicles ranging from 4 tonnes to 50 tonnes, with an annualised capacity of 3,650 vehicles. The capacity can be further expanded as required. On 2 August 2011, Tata Motors announced the launch of the Tata Aria 4x2, a luxurious creation with the finesse of a sedan and the muscle of an SUV all combined in one car with 4x2 option at a starting price of Rs 11.61 lakh ex-showroom, New Delhi. On 23 August 2011, Tata Motors announced the launch of a new version of its premium hatchback, the Tata Vista. On 4 November 2011, Tata Motors announced that new Range Rover Evoque from the stable of Jaguar Land Rover will be launched in India at a starting price of Rs 44.75 lakh (ex-showroom price in Mumbai, pre-Octroi). On 10 November 2011, Tata Motors announced the launch of new Tata Sumo Gold sport utility vehicle at a starting price of Rs 5.23 lakh ex-showroom, Pune. On 21 November 2011, Tata Motors announced the introduction of a bouquet of features for the Tata Nano, including new colours, new interiors, a more powerful gasoline engine and greater fuel efficiency of 25.4 kmpl. On 20 December 2011, Tata Motors announced the launch of the Tata Divo, a luxurious long distance inter-city travel bus and the Tata Starbus Ultra, a modern and practical bus for commuting within the city. On 27 December 2011, Tata Motors announced that the car maker is upgrading old Tata Nanos produced up to mid-September 2011, with a new starter motor to enhance their performance. This is in line with the company's practice of upgrading its vehicles. On 5 January 2012, Tata Motors unveiled at the New Delhi Auto Expo 2012 the Tata Safari Storme, the new generation Safari SUV, the Tata Ultra, the company's new LCV & ICV range, and the Tata LPT 3723, India's first 5-axle rigid truck. On 6 March 2012, Tata Motors presented at the 82nd Geneva Motor Show the Tata Megapixel, a new four-seater city-smart global range extended electric vehicle (REEV) concept for the performance-seeking and environment-conscious motorist anywhere in the world. On 23 April 2012, Tata Motors and DRB-HICOM Defence Technologies Sdn Bhd (DEFTECH), a wholly-owned subsidiary of DRB-HICOM Berhad, Malaysia, signed a cooperation agreement to enable both DEFTECH and Tata Motors to develop, promote and market Tata Motors' high mobility 4x4 trucks with payloads ranging from 2.5 tonnes to 5 tonnes for the Armed forces of Malaysia.On 2 May 2012, Tata Motors and Fiat agreed that, in order to further develop the Fiat brand in India, Tata Motors will hand over the management control of Fiat's commercial and distribution activities in India to a separate Fiat Group owned company. Development of the new Fiat dealer network for India will start progressively and the 178 existing Fiat-franchised Tata dealers in 129 cities will be encouraged to form the foundation of the future network.On 6 June 2012, Tata Motors announced that its Dharwad, Karnataka plant for small commercial vehicles has become operational and has begun to produce the Tata ACE Zip and the Tata Magic IRIS. Established with an investment of over Rs 900 crore, the plant spans across an area of 405 acres. On 3 September 2012, Tata Motors announced the launch of the Tata Xenon pick-up, offering both single cab and dual cab versions. On 14 September 2012, Tata Motors announced the launch of its new generation sedan, the Tata Indigo Manza in the South African market. On 17 September 2012, Tata Motors announced the launch of 6 first-of-its-kind heavy trucks. On the same day, the company announced the launch of an intelligent vehicle and driver management solution viz. Tata FleetMan Telematics Services. Targeted at commercial vehicle fleet owners and large consigners of goods, the service offers advanced Telematics solutions, which will help in increasing productivity and profitability. On 20 September 2012, Tata Motors announced that it has received its largest ever single order for commercial vehicles from Siddhivinayak Logistics Ltd. (SVLL), to supply 1,314 trucks to be delivered during the financial year. The order coincided with the launch of an innovative scheme by SVLL, meant for the well-being of their drivers, called Chalak se Malak'. On 16 October 2012, Tata Motors announced the launch of its next generation car, the Tata Manza, a Club Class sedan. On 17 October 2012, Tata Motors announced the launch of the new Tata Safari Storme sports utility vehicle at a starting price of Rs 9.95 lakh ex-showroom, New Delhi.On 18 October 2012, Tata Motors announced the launch of its 1-tonne diesel mini-truck, the Tata Super ACE in South Africa. On 26 October 2012, Tata Motors announced the launch of Tata Alert', a highway assistance programme for medium and heavy commercial vehicles, which will be available across all national highways in India. On 27 November 2012, Tata Motors announced its maiden entry in the Bangladesh new car market by introducing two sedans viz. the Tata Indigo eCS, the Tata Indigo Manza, and the Tata Indica Vista hatchback. On 18 December 2012, Tata Motors announced the launch of new Tata Aria Pure LX, a new variant of the Aria car with a bouquet of features, priced at Rs 9.95 lakh ex-showroom Bangalore. On 28 January 2013, Tata Motors announced the launch of its premium hatchback, the all new Tata Vista D90, an advanced and dynamic car, delivering 90PS of raw power, offering first-in-class high-tech features. On 13 February 2013, Tata Motors announced that it has bagged an order for the company's fully indigenous Tata 6x6 multi-axle high mobility mobile platforms from Bharat Electronics Limited (BEL), Bangalore, to mount Radar applications meant for the Indian Air Force. Tata Motors will supply 26 Tata 6x6 multi-axle vehicles to BEL Bangalore. On 15 February 2013, Tata Motors showcased two new MCV buses for intercity transportation and staff transportation at the SIAM International Bus & Utility Vehicles Show, at Greater Noida. On 19 February 2013, Tata Motors announced the roll-out of the 2 millionth truck from its world-class manufacturing facility at Jamshedpur in Jharkhand. The plant manufactures Tata Motors' entire range of medium and heavy commercial vehicles, including the Tata Prima, both for civilian and defence applications. On 3 April 2013, Tata Motors announced the launch of the Tata Prima range of commercial vehicles in Sri Lanka. On 18 May 2013, Tata Motors announced that TML Holdings Pte. Ltd., a wholly owned subsidiary of Tata Motors, issued and allotted s$350 million in principal amount of 4.25% senior notes due 2018. The net proceeds from the issue will be used for the redemption of preference shares issued to Tata Motors and for general corporate purposes. On 19 June 2013, Tata Motors announced HORIZONEXT, an aggressive customer-focused strategy for its passenger vehicles business. It also unveiled 8 newly upgraded and enhanced products across 5 brands. On 23 July 2013, Tata Motors announced its entry into Australia, under a new independent distributor, M/s Fusion Automotive Pty Ltd. Australia. Through Fusion Automotive Pty Ltd., Tata Motors will introduce a range of light commercial vehicles in Australia. 5 August 2013, Tata Motors announced that it has entered into an understanding with UCO Bank for financing its range of commercial vehicles, to provide an added facility of finance to its customers. Through this tie-up, UCO Bank will offer loans of upto 85% on a Tata Motors commercial vehicles on-road pricing. On 9 September 2013, Tata Motors announced its partnership with DRB-HICOM, Malaysia's biggest conglomerate, for the import, distribution and assembly of Tata Motors commercial vehicles in Malaysia. On 10 September, 2013, Tata Motors' wholly owned subsidiary in Indonesia PT Tata Motors Distribusi Indonesia (TMDI) launched three new Tata passenger vehicles viz. the Tata Aria, the Tata Vista and the Tata Safari Storme in Indonesia. On 24 September 2013, Tata Hispano Motors Carrocera, SA announced its decision to cease production activities at Zaragoza, Spain factory. The decision to cease the activity at Tata Hispano Motors Carrocera was compelled due to economic and business factors, as despite strong investments, there was no positive result to reverse the challenging business situation and losses for the plant. Tata Hispano Motors Carrocera, SA is a Spanish company based in Zaragoza. It is a wholly-owned subsidiary of Tata Motors. On 8 October 2013, Tata Motors formally announced the launch of the CNG version of its small car Nano powered by a fuel efficient, state-of-the-art engine, with CNG and petrol bi-fuel system options. On 29 October 2013, Tata Motors announced the launch of New Tata Sumo Gold sports utility vehicle at a starting price of Rs 5.93 lakh ex-showroom, New Delhi. On 22 November 2013, Tata Motors formally announced the launch of two new additions to its CNG portfolio - Tata Indigo emax and Tata Indica emax. These two variants were introduced in 6 markets across India viz. Delhi, Maharashtra, Gujarat, Uttar Pradesh, Andhra Pradesh and Tripura. On 13 January 2014, Tata Motors announced the launch of the new Nano Twist, a new addition to the Nano range priced at Rs 2.36 lakh ex-showroom Delhi. On 20 January 2014, Tata Motors announced the launch of the REVOTRON Series, the next generation petrol engine family that will power its future models in the passenger vehicle market. On 21 January 2014, Tata Motors announced the launch of the premium hatchback Vista VXTech at a starting price of Rs 4.94 lakh ex-showroom Delhi for Vista LS model. On 5 February 2014, Tata Motors showcased an extensive range of 18 stunning vehicles and concepts at the Auto Expo 2014. Tata Motors and Samsung Electronics on 6 February 2014 announced a partnership to offer innovative in-car connectivity applications in Tata Motors passenger vehicles. On 6 March 2014, Tata Motors announced the launch of six new heavy trucks in the haulage segment and four in the construction segment from its Prima LX range. On 8 March 2014, Tata Motors announced that it has entered into an understanding with Bharatiya Mahila Bank (BMB) for financing its passenger vehicle customers. BMB will be facilitating eligible customers of Tata cars and utility vehicles with vehicle financing, at an attractive rate of 10.5% for women customers, across all BMB branches, in India. On 3 April 2014, Tata Motors announced its entry into the Philippines market at the Manila International Auto Show (MIAS), 2014, held at the World trade Centre. The company said at that time that it will commence its business in Philippines with exports of the Manza, the Vista, the Indigo and the Indica from its passenger vehicles portfolio and the Xenon, the Ace and the Super Ace from its commercial vehicles range. On 6 May 2014, Tata Motors announced the launch of a new utility vehicle Movus at a starting price of Rs 6.99 lakh ex-showroom, Delhi. On 14 May 2014, Tata Motors announced that it has bagged an order for 2,000 passenger vehicles to be supplied over a period of one year from SVLL Connect Pvt. Ltd., a group company of Siddhi Vinayak Logistic Ltd. SVLL Connect's order will comprise of Tata Motors luxury sedan, the Manza, the Indigo eCS, with a majority of the order placed for the new Aria utility vehicle. SVLL Connect will ply these vehicles over inter-city routes. On 22 May 2014, Tata Motors announced the launch of the new Intermediate and Light Commercial Vehicle (ILCV) range of trucks christened ULTRA', which offers superior technology and design that ensures lowest total cost of ownership through higher uptime because of increased driver comfort, superior aggregates and customised requirements. On 12 August 2014, Tata Motors announced the commercial launch of the Zest, the all new, sub-four metre compact sedan with a start price of Rs 4.64 lakh ex-showroom, New Delhi, for the petrol Revotron 1.2T model and Rs 5.64 lakh ex-showroom, New Delhi for the diesel variant. On 27 August 2014, Tata Motors announced the launch of its passenger vehicle range in Algeria. It includes Tata Indica and Tata Vista from the hatchback range, and the Tata Indigo and Tata Manza from the sedans. On 2 September 2014, Tata Motors announced that it had received an order from Karnataka State Road Transport Corporation (KSRTC) to supply 487 buses and another order for 780 buses from Himachal Road Transport Corporation for Tata Marcopolo built buses as per 'Urban Bus Specifications' under JNNURM - II scheme. These orders are part of the over 2,700 orders for Tata Motors URBAN' buses received under JNNURM - II scheme. On 11 September 2014, Tata Motors and Microlise, one of Europe's leading Telematics and Fleet Management solutions providers, announced their partnership to bring in the latest global Fleet Telematics solutions to the Indian market. The agreement, signed for an initial period of 5 years, envisages both partners utilising their core strengths to deliver Fleet Management services of unprecedented quality, reliability and range to the Indian Transport Industry through the Tata Fleetman platform. While Microlise will provide the technology and solutions, Tata Motors will integrate them in its commercial vehicles and utilise its vast experience and reach for service delivery. The services will be marketed through OE fitment as well as through the aftermarket route. On 25 October 2014, Tata Motors announced the pricing of a dual-tranche USD 750 million senior unsecured notes following strong demand aggregating USD 4.50 billion for the offering. The proceeds from the issuance and sale of the notes will be used to refinance external commercial borrowing of the company, incur new additional capital expenditure and for general corporate purposes. On 13 November 2014, Tata Motors showcased two new mini-trucks on its popular Ace platform from its new municipal range of solutions at Municipalika 2014 in Gandhinagar, Gujarat. Municipalika 2014 is a trade show focusing on Construction, Architecture, Planning and Engineering to deliberate on sustainable built environment and good urban governance. On 2 December 2014, Tata Motors announced that it has received an order for 1,542 Sumo Gold utility vehicles from various police and law enforcement agencies across the country. On 22 January 2015, Tata Motors announced the commercial launch of its much-awaited sporty hatchback Bolt at a starting price of Rs 4.44 lakh ex-showroom, Delhi for the Revotron (petrol) 1.2T variant and Rs 5.49 lakh ex-showroom, Delhi for the diesel variant. On 27 February 2015, Tata Motors announced new initiatives designed to enhance the company's competitiveness. As a part of these initiatives, the company announced a Voluntary Retirement Scheme (VRS) for the workmen. On 3 March 2015, Tata Motors announced the launch of a new small pick-up, the Tata SuperAce Mint. The cargo carrier will meet requirements of intra and intercity transport. The vehicle was launched at a starting price of Rs 5.09 lakh ex-showroom, Thane. On 20 April 2015, Tata Motors announced the launch of the new Safari Storme sports utility vehicle with a starting price of Rs 9.99 lakh ex-showroom, New Delhi. On 7 May 2015, Tata Motors announced that its Rs 7500-crore rights issue was oversubscribed 1.21 times. The rights issue of ordinary shares was oversubscribed by 1.17 times while the rights issue of A' ordinary shares was oversubscribed by 1.51 times. The proceeds from the share issue are intended to be used for funding expenditure towards plant and machinery, research and product development, repayment in full or in part of certain long-term and short-term borrowings and general corporate purposes. On 19 May 2015, Tata Motors announced the launch of all-new GenX Nano range, a new compact, feature-rich hatchback with advanced technological features and a starting price of Rs 1.99 lakh for the XE variant. On 10 July 2015, Tata Motors announced that the company has bagged an order to supply around 1,200 high-mobility 6X6 multi-axle trucks from the Indian Army - the single largest order awarded to an Indian private OEM (Original Equipment Manufacturers) in land systems under the DPP by the Indian army. The order for 6X6 vehicles is for Material Handling Cranes' for the loading-unloading and transportation of ammunition pallets, spares and other operational equipment. On 27 August 2015, Tata Motors announced the launch of a new smart pick-up truck Tata ACE Mega. On 10 September, 2015, Tata Motors announced the launch of special edition of its highly acclaimed compact sedan Tata Zest. On 22 September 2015, Tata Motors announced that it has achieved 3 lakh units sales mark for its last mile passenger transport brand Tata Magic. Tata Magic was introduced in June 2007 as India's first small commercial four-wheeler in last mile public transport. On 8 December 2015, Tata Motors announced the launch of a new variant of the Safari Storme VX sports utility vehicle powered by a new 2.2L VARICOR 400 engine. On 6 January 2016, Tata Motors in association with PETRONAS Lubricants International (PLI) launched co-branded range of lubricants for Tata Motors' passenger vehicles range in the India market. On 3 February 2016, Tata Motors showcased its future range of passenger vehicles at the Auto Expo 2016. The product line-up features the new sporty compact sedan (project code named KITE 5), the production ready, lifestyle SUV- HEXA in automatic and manual variants, compact SUV - NEXON and the personalized editions of the new passenger vehicles from Tata Motors. On 4 February 2016, Tata Motors announced the launch of its new SIGNA range of Medium & Heavy Commercial Vehicles at the SIAM Auto Expo 2016. On 7 March 2016, Tata Motors announced that it has signed a strategic agreement with Bharat Forge Limited and General Dynamics Land Systems (GDLS) of the US, for the Indian Ministry of Defence (MoD's) prestigious Future Infantry Combat Vehicle (FICV) program. Tata Motors will lead the consortium, with Bharat Forge Limited as a partner, while General Dynamics Land Systems will bring in its much proven expertise in combat vehicle platforms. On 16 March 2016, Tata Motors announced that it has won a contract to supply 25 hybrid buses from Mumbai Metropolitan Region Development Authority (MMRDA) in the single largest order awarded for Hybrid Electric vehicle technology. On 27 March 2016, Tata Motors announced that it has bagged a follow-on contract for the supply of an additional 619 units of its high-mobility (HMV) 6X6 multi-axle truck from the Indian Army. On 6 April 2016, Tata Motors announced the commercial launch of its new hatchback TIAGO at a starting price of Rs 3.20 lakh ex-showroom, New Delhi for the Revotron 1.2L (petrol) variant and Rs 3.94 lakh ex-showroom, New Delhi, for the Revotorq 1.05L (diesel) variant. On 6 September 2016, Tata Motors announced having received orders of over 5,000 buses from 25 State/City Transport Undertakings across the country. On 26 September 2016, Tata Motors announced its foray into the Bolivian commercial vehicle market through a distribution agreement with local partner, Bolivian Auto Motors, part of the business group Salvatierra, an important business conglomerate engaged in the distribution of motor vehicles and motor cycles in Bolivia. Through this partnership Tata Motors launched three commercial vehicles in the Bolivian market. On 28 September 2016, Tata Motors and Hindustan Petroleum Corporation Limited (HPCL) launched the high performance range of HP Tata Motors Genuine Oil (HP TMGO), exclusively developed for Tata Motors passenger vehicles in the Indian market. The HP TMGO range includes Engine Oils, Gear Oils, Steering and Transmission Fluids, Coolants, Brake Fluids and Greases.On 3 November 2016, Tata Motors and PT Pindad, Indonesia signed a Memorandum of Understanding (MoU) for cooperation to effectively explore market potential of Tata Armoured Vehicles in Indonesia and other agreed regions of ASEAN. The MoU further includes a study to check the feasibility of locally assembling Tata Armoured Vehicles at PT Pindad's facility in Bandung in West Java province of Indonesia. PT Pindad is an Indonesian state-owned enterprise specializing in military and commercial products.On 8 November 2016, Tata Motors showcased the country's first LNG (liquefied natural gas) powered bus in Kerala. Tata Motors first showcased LNG technology on the Tata PRIMA Truck, at Auto Expo 2014 in New Delhi. On 12 December 2016, Tata Motors announced price hike ranging from Rs 5,000 to Rs 25,000 for its passenger vehicles with effect from 1 January 2017 to pass on increase in prices of raw material commodities like steel, aluminium, copper and rubber. On 3 January 2017, Tata Motors announced the launch of Tata Xenon Yodha range of pick-ups. The new Tata Xenon Yodha is an ideal solution for diverse commercial usage transporting agri-produce (Fruits & Vegetable), poultry, fish, milk, a cash van, a service support vehicle at construction sites etc. On 5 January 2017, Tata Motors and Castrol announced the signing of a three-year strategic partnership agreement for supply of Commercial Vehicle Oils to Tata Motors globally. The agreement will cover over 50 markets including SAARC and ASEAN region, Middle East, Africa, Russia and Latin America. On 18 January 2017, Tata Motors announced the commercial launch of its much awaited lifestyle vehicle Hexa at a starting price of Rs 12.08 lakh ex-showroom Maharashtra for the manual transmission variant and Rs 14.98 lakh ex-showroom Maharashtra for the automatic variant. On 25 January 2017, Tata Motors launched new hybrid and electric buses at its Pune facility thus reiterating the company's commitment towards smart and green technology and mobility solutions. On 16 February 2017, Tata Motors and Microsoft India announced a strategic agreement to redefine connected and personalized driving experiences for Indian customers. Tata Motors will leverage Microsoft's connected vehicle technologies that bring together artificial intelligence (AI), advanced machine learning, and the Internet of Things (IoT) capabilities on the global hyper-scale Azure cloud, to traverse the digital and physical worlds and create a highly personalized, smart and safer driving experience across the digital life of a vehicle owner. On 29 March 2017, Tata Motors announced the commercial launch of its new compact sedan Tata TIGOR. The car will be available in 8 variants and six exciting colour options. On 31 March 2017, Tata Motors announced the launch of JT Special Vehicles Pvt. Ltd., a 50:50 joint venture with Jayem Automotives Pvt. Ltd., for the development of special performance vehicles based on the latest series products. As part of the agreement, both Tata Motors and Jayem Automotives will work towards performance enhancement and appearance of series vehicles to offer an exciting and innovative range of niche aspirational products for the passenger car customers. On 19 April 2017, Tata Motors announced the launch of AMT (Automated Manual Transmission) technology in its Starbus and Ultra brand of buses, ranging from 9-12 meters, at a starting price of Rs 21 lakh (ex-showroom New-Delhi). On 27 April 2017, Tata Motors announced that it has signed a contract for supply of 3,192 units of the Safari Storme under the newly formed GS800 category to the Indian Armed Forces. On 9 June 2017, Tata Motors announced that it has resolved the long-term wage settlement issue at its Sanand, Gujarat manufacturing facility. On 15 June 2017, the Tata Group announced that an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, will purchase approximately 30% stake in Tata Technologies Limited from Tata Motors and its subsidiary Sheba Properties Limited, as well as the entire 13% stake held by Tata Capital (8.7% from Alpha TC Holdings Pte Ltd and 4.3% from Tata Capital Growth Fund I). Post the transaction, Tata Motors and affiliates of the Tata Group will continue to retain a significant minority interest of approximately 43% in Tata Technologies, with the remaining ownership held by the management team and other shareholders. Tata Technologies is a global engineering services and product development IT company with more than 8,500 employees located in 23 countries. On 3 July 2017, Tata Motors announced that its TIAGO hatchback has crossed the one lakh bookings milestone in the domestic market. TIAGO was launched in April 2016. On 6 July 2017, Tata Motors announced a price reduction in the range of 0.3% to 4.21% for cargo commercial vehicles and reduction of 0.6% to 8.2% for commercial vehicles for passenger transportation following the introduction of a nationwide Goods and Services Tax (GST) from 1 July 2017. On 5 July 2017, Tata Motors announced a price reduction of upto 12% ranging between Rs 3,300 and Rs 2.17 lakh per vehicle on its passenger vehicles following the introduction of a nationwide Goods and Services Tax (GST) from 1 July 2017. On 11 July 2017, Tata Motors announced the launch new Tata Ace XL range of small commercial cargo vehicles. On 17 July 2017, Tata Motors showcased India's first Bio-CNG (bio-methane) Bus at the Bio-energy programme, called Urja Utsav'. On 26 July 2017, Tata Motors announced the launch of a range of commercial vehicles in Philippines. On 10 August 2017, Tata Motors announced that the company and Skoda Auto have ceased discussions around a potential partnership between the two auto makers. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations. To mark the overwhelming success of TIAGO and usher in the festive season, Tata Motors on 12 September 2017 announced the launch of the limited-edition TIAGO Wizz hatchback priced at Rs 4.52 lakh for the petrol version and Rs 5.30 lakh for the diesel version (ex-showroom Delhi), inclusive of the accessory kit. On 21 September 2017, Tata Motors announced its entry into the growing compact SUV segment with the commercial launch of its new Gen-next lifestyle SUV, the Tata NEXON with an introductory price of Rs 5.85 lakh ex-showroom Delhi for the petrol variant and Rs 6.85 lakh ex-showroom Delhi for the diesel variant. On 4 October 2017, Tata Motors Limited showcased the new safety technology - Electronic Stability Control (ESCsmart) for the range of PRIMA and SIGNA trucks at an event in Chennai. Tata Motors said at that time that it is the first OEM in India to deploy Electronic Stability Control (ESC) for Medium and Heavy Commercial Vehicles. On 5 October 2017, Tata Motors announced that it has signed a memorandum of understanding with Srei Equipment Finance Limited (Srei), a wholly owned subsidiary of Srei Infrastructure Finance Limited, to finance Tata Motors commercial vehicles with a special focus on construction and mining tippers. The preferred financier agreement (PFA) will allow both Tata Motors and Srei to explore enhanced growth prospects in the heavy-duty tipper truck segment in the country. On 2 November 2017, Tata Motors announced the addition of two AMT (Automated Manual Transmission) variants to the Tigor Styleback sedan range. On 14 November 2017, Tata Motors announced that it has signed a Memorandum of Understanding (MoU) with Energy Efficiencies Services Limited (EESL) to achieve energy saving and resource conservation by implementing various energy efficiency initiatives across the company's manufacturing facilities in India. The energy efficiency programme will be implemented in Tata Motors manufacturing plants located at Pantnagar (Uttarakhand), Lucknow and Pune in the first phase and will be later extended to other facilities. EESL will undertake the complete upfront investment for the energy efficiency programme, with zero investment from Tata Motors. The overall implementation period for the programme will be two years. On 6 December 2017, Tata Motors rolled out the first batch of the Tigor Electric Vehicle (EV) manufactured for the Indian government's prestigious order of electric vehicles from the Energy Efficiency Services Ltd (EESL), an entity under the Ministry of Power. Tata Motors had qualified as L1 bidder in the midst of stiff competition and won the tender of 10,000 electric cars floated by EESL in September 2017. On 11 December 2017, Tata Motors announced that the company will display six new construction and mining commercial vehicles, from its Construck range at EXCON 2017, South East Asia's largest construction equipment exhibition. On the same day, Tata Motors announced that the company would be increasing prices of its entire passenger vehicles range by up to Rs 25,000, starting January 2018 to pass on rising input costs. On 19 December 2017, Tata Motors announced that its small commercial vehicle Tata Ace has crossed 20 lakh sales milestone. The vehicle was launched by Tata Motors in 2005. On 3 January 2018, Tata Motors announced the first-of-its-kind Best-in-class Warranty' for 6 years for the entire range of Tractor-trailers, Multi-axel Trucks & Tippers of 16 tonnes and higher GVW (Gross Vehicle Weight). Tata Motors is the first company in India to introduce a standard driveline warranty of 6 years on the entire M&HCV range. On 15 January 2018, Tata Motors announced the launch of company branded Tata Motors Genuine Oil' exclusively for Tata Motors commercial vehicles range in the Indian market. The product range includes high performing engine oils, gear oils and rear axle oil for commercial vehicles range manufactured by Tata Motors for both on road and off road applications segment. On 5 March 2018, Tata Motors announced the launch of the ZEST Premio compact sedan - a special edition car with 13 new features and at a starting price of Rs 7.53 lakh for the diesel version (ex-showroom Delhi). The Company sold 12,74,072 units and 12,21,124 units in FY 2018- 19 and FY 2017-18, respectively (excluding wholesales from the China joint venture), consisting of 7,61,786 units of Tata and other brand vehicles and 5,12,286 units of Jaguar Land Rover vehicles for FY 2018-19. During FY2019, the company spent towards Capital Expenditure amounting to Rs 36636 crore. The Company has 99 subsidiaries (12 direct and 87 indirect), 10 associate companies, 3 joint ventures and 2 joint operations as at 31 March 2019. During the year, the following companies became subsidiaries,associates and joint ventures of the company. Spark44 Taiwan Limited (Taiwan) was incorporated with effect from 07 May 2018. Jaguar Land Rover Classic USA LLC was incorporated with effect from 01 June 2018 (dormant). Jaguar Land Rover Hungary KFT was incorporated with effect from 30 July 2018. Jaguar Land Rover Classic Deutschland GmbH was incorporated with effect from 10 August 2018. InMotion Ventures 4 Limited was incorporated with effect from 04 January 2019. Tata Toyo Radiator Limited was converted from a joint venture to subsidiary company with effect from 01 July 2018. Loginomic Tech Solutions Private Limited ('TruckEasy') stake acquired with effect from 10 July 2018. Automotive Skill Training Pvt. Ltd. converted into Private Limited Company from Section 25 Company with effect from 10 December 2018 (formerly Automotive Skills Training Foundation). TitanX Engine Cooling, Poland incorporated with effect from 25 April 2018. TML Drivelines Limited merged with the Company with effect from 30 April 2018 and consequently Authorised Share Capital of the Company increased from Rs 3,900 crore to Rs 4,000 crore. The Jaguar Collection Limited (dormant) dissolved with effect from 19 June 2018. Entire shareholding in TAL Manufacturing Solutions Limited ('TAL') sold to Tata Advanced Systems Limited with effect from 29 March 2019 after acquisition of the non-aerospace business from TAL. Serviplem S.A.U. liquidated with effect from 06 February 2019. During the FY2019, the company raised Rs 1,500 crore through Buyer's line of credit from banks with a tenor ranging from 4 years to 5 years. Jaguar land rover Automotive plc, arranged and draw down on a USD1 billion (Rs 6,834 crore) syndicated loan of USD 200 million (Rs 1,367.63 crore) and USD 800 million (Rs 5,466.74 crore) maturing in October 2022 and January 2025 respectively. Jaguar land rover Automotive plc, issued a EURO500 million (Rs 3,898.95 crore) bond in September 2018 maturing in January 2026 with a coupon of 4.5%. Tata Motors Finance group had raised Rs 2,066 crore by issuing NCD and through secured term loan amounting to Rs 6,306 crore. The company has been conferred 8 awards at ET Now Awards 2019. The company also bagged 5 awards at Flywheel awards 2019 for CV, including CV Manufacturer of the year and CV of the year. During FY2020, the company spent towards Capital expenditure totalled Rs 31,222 crore. The Company has 103 subsidiaries (13 direct and 90 indirect), 10 associate companies, 3 joint ventures and 2 joint operations as at 31 March 2020. During the year, the following companies became subsidiaries,associates and joint ventures of the company. Brabo Robotics and Automation Limited ('BRAL') was incorporated on 17 July 2019, as a wholly owned subsidiary of Tata Motors Limited (TML), with an operating plan to take-over the robotics and factory automation (RAB) division of TML as a going concern. The RAB business of TAL Manufacturing Solutions Limited was transferred to TML w.e.f. 30 April 2019. JLR Ventures Limited was incorporated with effect from 16 May 2019. JLR (Ningbo) Trading Co., Limited was incorporated with effect from 04 November 2019. Bowler Motors Limited was incorporated as JLR Auto Ventures Limited, with effect from 13 December 2019 and its name changed on 28 January 2020. TML Business Analytics Services Limited (a subsidiary of TML Business Services Limited) was incorporated on 04 April 2020. Automotive Skill Training Pvt. Limited voluntarily struck off with effect from 18 April 2019. During the year ended 31 March 2020, the Company has allotted 20,16,23,407 Ordinary Shares at a price of ?150 per Ordinary Share aggregating to Rs 3,024 crore and 23,13,33,871 Convertible Warrants (Warrants'), each carrying a right to subscribe to one Ordinary Share per Warrant, at a price of Rs 150 per Warrant (Warrant Price'), aggregating to Rs 3,470 crores on a preferential basis to Tata Sons Private Limited. During the year ended 31 March 2020, Tata Motors has issued ?1,000 crores, 8.80% Secured rated listed redeemable non-convertible debentures due 2023. In November 2019, Tata Motors Limited issued USD300 million bonds due 2025 at coupon rate of 5.875% for funding capital requirements and other permitted use as per ECB guidelines. The company ranked 31st out of 2,000 and 5th among global automobile manufacturers in Forbes World's Best Regarded Companies 2019. The company also ranked second highest in the JD Power India Customer Service Index Study 2019 for a third consecutive year. The company also received the prestigious Autocar 2020 award for the Best Design and Styling of the Year. The company also received 3 awards from Car and bike Auto Expo Excellence awards (February 2020) in areas of best Design, Best CV Pavilion & Facebook people's choice best pavilion awards.The company also received 2 awards at the fourth edition of The Economic Times Polymers 2020 annual convention.

Tata Motors Ltd Chairman Speech

Dear Shareholders,

It is my privilege to write to you and present the Annual Report for FY20.

I hope this letter finds you safe and in good health.

As you know, the global auto industry has grappled with multiple issues during the year. On one hand, we saw greater clarity emerge on Brexit; yet on the other hand, mounting trade tensions, muted global growth and enhanced regulatory norms have fundamentally changed the contours of the business environment in which we operate. Next came the onset of the COVID-19 pandemic in the final quarter of the year, which has ushered in a new reality for industries across the world.

The Indian auto industry faced an unprecedented year, marked by significant headwinds. Domestic auto sales declined by 18% Y-o-Y in FY20, the lowest since the data series was introduced in 2001. Alongside a broad economic slowdown, regulatory changes—including changed axle load norms and the migration to BSVI emission standards—fuelled uncertainty for both consumers and suppliers. These challenges were further exacerbated in the final quarter of the year by the country's strict lockdown measures in response to the pandemic.

Against this volatile macro backdrop, your Company is charting out a disciplined path towards a robust and resilient future.

I would like to first address the current year's performance, followed by various transformative initiatives being undertaken.

Tata Motors Limited (TML)

Over the past two financial years,

TML focused on refreshing its portfolio, improving structural efficiencies and streamlining internal processes. In doing so, TML turned a corner and delivered improved market shares, profitability, and positive free cash flows. In FY19, we delivered positive net income of Rs 2,021 crore, after making losses for five years. In both FY18 and FY19,

TML produced positive free cash flows, following five years in negative territory.

However, in FY20, this turnaround journey has been interrupted, as demand deteriorated sharply on the back of an abruptly slowing economy coupled with the spread of COVID-19.

In the CV segment, overall volumes declined by 34% Y-o-Y, with the Medium and Heavy Commercial Vehicle (MHCV) segment witnessing a steep decline of 50%. However, with improved stakeholder engagement, TML managed to improve market share in both the MHCV and Intermediate and Light Commercial Vehicle (ILCV) segments by 240 bps and 180 bps, respectively, while it lost market share by 210 bps in the Small Commercial Vehicle (SCV) segment. The PV segment witnessed a volume decline of 37% and a loss of market share by 150 bps, as the Company streamlined its supply chain, exited non-core operations and implemented measures to improve ecosystem viability.

During the year, TML successfully transitioned its entire product range to BSVI emission norms, with historically low levels of system inventory. I am optimistic that our BSVI portfolio will provide our customers with superior value, technology, features, and experience, positioning us as leaders in building a green and clean India.

One of the highlights of the year was the launch of the Tata UniEVerse, an entire electric mobility ecosystem—from charging infrastructure, battery cells, battery packs and electric motors, to financing options, customised for the needs of electric vehicle (EV) ownership. Anchoring the ecosystem will be EVs that are aspirational, practical and affordable. TML is a market leader in the EV segment, having launched the Tigor EV and the Nexon EV during the year.

And there will be more.

TML will be supported by other key Tata group companies to make this unique and comprehensive solution a reality. In doing so, India has the potential to be a global electric mobility hub.

Jaguar Land Rover (JLR)

Ongoing trade conflicts and the COVID-19 pandemic adversely impacted JLR vehicle sales in FY20, which contracted by 12% y-o-y. A significant part of the volume decline occurred in the fourth quarter of FY19-20. JLR undertook a host of structural initiatives to drive efficiencies so that, despite the decrease in volumes, the business improved its profitability during the year and reduced its cash outflows, compared with previous years. Our turnaround programme in China resulted in six months of continued double-digit Y-o-Y growth.

JLR continues to develop award-winning products that combine outstanding performance and technology. This year, JLR refreshed the Land Rover Discovery Sport, the Jaguar F-Type and the Jaguar XE. The all-electric Jaguar I-Pace won the prestigious Golden Steering Wheel award this past November. JLR had a spate of product launches over the course of the year:

Range Rover Evoque and Land Rover Discovery Sport, both premium compact SUVs, are now available with Plug-in Hybrid Electric Vehicle (PHEV) technology.

Added to this, JLR celebrated the official opening of two world-class facilities this year: the Advanced Product Creation Centre in Gaydon and the National Automotive Innovation Centre in Warwick, one of Europe's largest automotive R&D hubs. Both of these centres will focus on innovation that leads to connected, seamless, integrated and clean mobility.

This year, Chief Executive Officer Dr Ralf Speth will retire after 10 years of dedicated service. I would like to personally thank him for his vision, unfaltering passion and commitment in leading Jaguar Land Rover, delivering new technologies and outstanding products and services.

Looking ahead

As we look ahead over the next two years, we anticipate a tremendous deal of transformation stemming from COVID-19. Consumer behaviour will change in numerous ways, from demanding more integrated digital experiences to prioritising health and safety features across purchasing decisions. The move to 'slow' travel and personal (versus public and/or shared) transport may shape future demand for passenger vehicles. Greater scrutiny will be placed on building environmental sustainability and climate resilience into the very core of business models. The Tata Motor Group is well placed to meet the demand opportunities that will arise from these important and fundamental shifts.

I would like to take this opportunity to thank you for your continued trust, confidence, and support as we enter a brave new decade—one that is already rewriting the rules of the past

Best regards,

N Chandrasekaran

Mumbai, June 15, 2020

   

Tata Motors Ltd Company History

Tata Motors Limited is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles. As India's largest automobile company and part of the USD 113 billion Tata group, Tata Motors has operations in the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 76 subsidiary and associate companies, including Jaguar Land Rover in the UK and Tata Daewoo in South Korea. In India, Tata Motors is a market leader in commercial vehicles and among the top passenger vehicles manufacturers with 9 million vehicles on Indian roads. With design and R&D centres located in India, the UK, Italy and Korea, Tata Motors strives to pioneer new products that fire the imagination of GenNext customers. Abroad, Tata cars, buses, and trucks are being marketed in Europe, Africa, the Middle East, South Asia, South East Asia, South America, Australia, CIS and Russia. Tata Motors has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight (GVW) trucks (including pickup trucks) and from small, medium, and large buses and coaches to passenger cars. The company's segments include automotive, and others, which include information technology (IT) services, construction equipment manufacturing, machine tools and factory automation solutions, high-precision tooling and plastic and electronic components for certain applications, and investment business. The company's passenger cars include the Indica, the Indica Vista, the Indigo and the Indigo Marina. Jaguar produces four car lines: XK, XF, XJ and X-Type. They manufacture a number of utility vehicles (UV), including the Sumo, and the sports utility vehicle (SUV), Tata Safari. Also, they manufacture a variety of light commercial vehicles (LCVs), including pickup trucks, trucks and buses with GVW of between 0.7 ton and 7.5 tons. This also includes the Ace, a mini-truck with a 0.7 ton payload, the Magic, a passenger variant for commercial transportation and the Winger. They also manufacture a variety of medium and heavy commercial vehicles (M&HCVs), which include trucks, buses, dumpers and multi-axled vehicles with GVW of between 9 tons to 49 tons. The company's manufacturing plants are situated at Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka) and Sanand (Gujarat). Through their subsidiaries and associate companies, the company has operations in the UK, South Korea, Thailand and Spain. Tata Motors Ltd was incorporated in the year 1945 with the name Tata Engineering and Locomotive Co Ltd for manufacturing locomotives and other engineering products. In the year 1948, the company introduced steam road roller in collaboration with Marshall Sons (UK). In the year 1954, they made collaboration with Daimler Benz AG, West Germany for manufacturing medium commercial vehicles. In the year 1959, they set up a Research and Development Centre at Jamshedpur. In the year 1961, they started to export their products and the fist truck being shipped to Sri Lanka. In the year 1966, the company set up the Engineering Research Centre at Pune to provide impetus to automobile Research and Development. In the year 1977, they manufactured first commercial vehicle in Pune. In the year 1983, they commenced manufacturing of Heavy Commercial Vehicle. In the year 1985, the company produced first hydraulic excavator in collaboration with Hitachi. In the year 1986, they produced the indigenously designed light commercial vehicle Tata 407 followed by 608. In the year 1989, they introduced third LCV model, Tatamobile 206. In the year 1991, the company launched first indigenous passenger car, Tata Sierra and in the next year, they launched Tata Estate. In the year 1993, the company signed a joint venture agreement with Cummins Engine Co. Inc. for the manufacture of high horsepower and emission friendly diesel engines. In the year 1994, the company launched Tata Sumo and LPT 709. During the year, the company signed a joint venture agreement with Daimler - Benz / Mercedes - Benz for manufacture of Mercedes Benz passenger cars in India. Also, they singed a joint venture agreement with Tata Holset Ltd, UK for manufacturing turbochargers to be used on Cummins engines. In the year 1995, they launched Mercedes Benz car E220 and in the next year, they launched Tata Sumo deluxe. In the year 1997, the company launched Tata Sierra Turbo and in the next year, they launched Tata Safari and Indica in the market. In the year 2000, they launched Indica 2000 and CNG buses. In the year 2001, they launched Indica V2, CNG Indica and Tata Safari EX. In the year 2002, the company signed a product agreement with MG Rover of the UK. Also, they launched Petrol version of Indica V2, EX series in Commercial vehicles, Tata Sumo+ Series and Tata Indigo. In the year 2003, they launched Tata Safari Limited Edition CityRover, 135 PS Tata Safari EXi Petrol and Tata SFC 407 EX Turbo in the market. In July 29, 2003, the name of the company was changed from Tata Engineering Co Ltd to Tata Motors Ltd. In the year 2004, the company acquired Daewoo Commercial Vehicle Company and renamed it as Tata Daewoo Commercial Vehicle Co. Ltd. This company launched the heavy duty truck 'NOVUS' in Korea. Also, the company launched Tata Indica V2, Tata LPT 909 EX, Sumo Victa and Indigo Marina during the year. In the year 2005, the company acquired 21% stake in Hispano Carrocera SA, Spanish bus manufacturing Company. The company launched branded buses and coaches, namely Starbus and Globus in the market. Also, they launched Tata Ace, Indigo SX series, Indica V2 Turbo Diesel, Tata TL 4X4 and Tata Novus. During the year, the company inaugurated a new factory at Jamshedpur for Novus. Also, they unveiled Tata Xover at the 75th Geneva Motor Show. In the year 2006, the company made a joint venture with Marcopolo, Brazil for manufacturing fully built buses & coaches for India & markets abroad. They launched Indica V2 Xeta and new Indigo range. Also, they unveiled new long wheel base premium Indigo & X-over concept at Auto Expo 2006. In the year 2007, the company and Thonburi Automotive Assembly Plant Co. (Thonburi) formed a joint venture company in Thailand to manufacture, assemble and market pickup trucks. They inaugurated Tata-Fiat plant at Ranjangaon. They launched long wheel base Indigo XL, Tata Spacio, Magic, Winger, Sumo Victa Turbo DI, Indica V2 Turbo with dual airbags & ABS and Safari DICOR 2.2 VTT range. During the year 2007-08, the company unveiled the TATA Nano, the world's least expensive car at the Auto Expo 2008 in New Delhi. Subsequently, the car was also unveiled at the Geneva Motor Show and received international acclaim. They commenced production of TATA Ace from their manufacturing facility at Uttarakhand during the year. During the year, the company developed new products for the M&HCV passenger carrier sub-segment and displayed in the Auto Expo 2008, a 28 seater bus and an air conditioned low floor bus developed through their joint venture - Tata Marcopolo Motors Ltd. In the LCV segment, the company introduced two new products - Magic and Winger. Further, the company unveiled the 1 Ton and CNG variant of Ace, Cargo Panel van, Xenon XT - a lifestyle pickup truck and Winger Executive office concept vehicle in the Auto Expo 2008. They showcased their new range of tactical and armoured vehicles for military and para-military forces in the Defence Expo 2008. These include Tata Light Specialist Vehicle, Light Armoured Troop Carrier, Tata 8x8 HMV and the armoured Tata Safari. During the year 2007-08, the company signed an agreement with Fiat Group automobiles SpA Italy and Fiat India Automobiles Pvt Ltd (FIAPL) for establishment of joint venture to manufacture passenger cars engines and transmissions at Ranjangaon in India. In March 2008, the Company introduced Tata Xenon- 1 Ton pickup truck in Thailand through its subsidiary Tata Motors (Thailand) Ltd. On June 2, 2008 the company acquired the businesses of Jaguar Land Rover (a part of Premier Automotive Group of Ford Motor Co.) for USD 2.3 billion. Jaguar Land Rover is in the business of development, manufacture and sale of high end luxury cars and SUVs. The acquisition includes the ownership of three major manufacturing plants, two advanced design centres in UK, a worldwide sales network, Intellectual Property Rights (including perpetual royalty free licenses) and Brands and Trade marks. During the year 2008-09, the company partially divested their stake in Tata AutoComp Systems Ltd an associate company, from 50% to 26%. Also, they sold their investment in Tata Tele Services Ltd. During the year, the company launched 28 new commercial vehicles. Among the new products launched during the year were LPT 3118 - a truck with lift axle, CNG variants of the Ace, Magic and Xenon, new range of LCV buses manufactured by Tata Marcopolo Motors and the ICV 909 bus. The company also completed the execution of their first order of 650 low floor buses to Delhi Transport Corporation (DTC). They have also bagged a second order of 1625 similar buses from DTC to be executed in financial year 2009-10, the total order value of which is over Rs 2200 crore. In May 2009, they also unveiled the World Truck range of their next generation heavy trucks. During the year 2009-10, the company acquired 79% shares in Hispano Carrocera, S A by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia S. A., Spain, for a consideration of Euro 2 million (Rs 1371 lakh). Consequently, Hispano Carrocera, S A has become a 100% subsidiary of the company. Also, the company sold 20% stake in Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co Ltd. The company now holds 39.75% stake in Telcon. During the year, the company launched the new heavy truck range Prima. Also, they launched the new range of buses (based on the Prima platform with bodies being made by Tata Marcopolo displayed at the Delhi Auto Expo in January 2010). In small commercial vehicles, they launched the Ace EX and Super Ace. In June 2010, the company inaugurated the factory for the Nano mini car at Sanand, in the western state of Gujarat. The factory is having an initial capacity of producing 250,000 cars per year. During the year 2010-11, the company launched the Aria, a premium crossover with high-end features such as 4x4, Torque on Demand, ESP, six airbags. They launched BS IV compliant variants of the Indica and the Indigo CS, the Indica eV2 and Indigo eCS with segment leading fuel efficiencies. These vehicles are powered by the company's 1.4L CRAIL engine. They launched Venture, a Multi Purpose Vehicle (MPV) on the Ace platform. The company expanded the Prima range launched during the previous year with the introduction of the Prima Construck range of tippers in the market. Also, the company launched the all new Jaguar XJ, the new 4.4 V8 diesel Range Rover and the new 2.2 diesel Land Rover. In September 2010, the company acquired 80% stake in Trilix Srl., Turin (Italy), a design and engineering company. The company increased their shareholding in Tata Precision Industries Pte. Ltd from 49.99% to 78.39% by subscribing to an additional 28.4% share of Tata Precision Industries Pte Ltd, Singapore on February 15, 2011. Tata Precision Industries Pte Ltd holds 100% shares of Tata Engineering Services Pte Ltd, hence Tata Engineering Services Pte Ltd also became a subsidiary. On 6 January 2011, Tata Motors announced the launch of Tata Venture in Rajasthan. The Tata Venture is a multi-purpose vehicle (MPV) with the footprint and maneuverability of a hatchback car, but the interior space of a utility vehicle. On 27 January 2011, Tata Motors announced that its wholly owned subsidiary in Spain Tata Hispano Motors Carrocera SA has won a prestigious order for supplying around 500 buses in the next 3 years to the Avanza Group, one of the largest private passenger transportation groups in Spain. On 10 February 2011, Tata Motors announced that it has won a prestigious order for supplying around 250 Tata Prima trucks to LINFOX Logistics, the largest privately owned supply chain solutions company in the Asia Pacific region with over 50 years of experience in this business. LINFOX will ply these trucks in India. On 23 February 2011, Jaguar Land Rover announced that Jaguar will launch its most potent series production car ever, the all-new XKR-S, at the Geneva motorshow on 1 March 2011. On 1 March 2011, Tata Motors showcased the Tata Pixel, a new city car concept for Europe, at the 81st Geneva Motor Show in Switzerland. On 10 March 2011, Tata Motors announced the launch of the Tata Indica eV2 hatchback built on the Tata Indica platform. On 14 March 2011, Tata Motors announced that it has entered into an understanding with Muthoot Vehicle and Asset Finance Ltd (MVFL) for financing its range of passenger vehicles. With this arrangement, MVFL will be one of the preferred retail financiers of Tata Motors in Kerala. On 18 March 2011, Tata Motors announced increase in prices of Indica passenger car by Rs 7,000 to Rs 9,000, Vista and Indigo CS passenger cars by Rs 8,000 to Rs 11,000 and Manza passenger car by Rs 10,000 to Rs 15,000 on account of steep rise in input costs. The company also announced increase in prices of utility vehicles Sumo by Rs 13,000 to Rs 15,000, Grande by Rs 16,000 to Rs 19,000, Safari by Rs 18,000 to Rs 29,000, Aria by Rs 30,000 to Rs 36,000 and Venture by Rs 9,000 to Rs 12,000. On 19 April 2011, Tata Motors announced that it has entered into an agreement with State Bank of India (SBI) for providing channel financing facilities to the Tata Motors dealers. The bank will provide financing for both, the passenger vehicles and commercial vehicles range. On 10 May 2011, Tata Motors announced the launch of the Tata Magic IRIS,' a four-wheel, 3-4 seater small passenger carrier, a stylish, safe and comfortable alternative for commuters who depend on three-wheelers, and the Tata Ace Zip', a technologically superior and smart micro truck with a payload of 600 kg for deep-penetration door-to-door goods movement. On 17 May 2011, Tata Motors formally announced the launch of Tata Delight, a customer loyalty programme for owners of its commercial vehicles, thereby becoming first company in the commercial vehicles industry to launch this unique engagement initiative. On 27 May 2011, Jaguar Land Rover announced the official opening its first assembly plant in India at Pune in the Maharashtra. The plant will assemble Land Rover Freelander 2 vehicles supplied in Complete Knock Down (CKD) form from Jaguar Land Rover's Halewood manufacturing plant in Liverpool, UK.Tata Motors (SA) (Proprietary) Ltd., Tata Motors' joint venture with Tata Africa Holding (Pty) Ltd., formally opened its assembly plant in South Africa at Rosslyn, north of Pretoria, in the Gauteng province of South Africa on 22 July 2011. Established with an investment of R110 million, the plant can assemble, from semi knocked down (SKD) kits, light, medium and heavy commercial vehicles ranging from 4 tonnes to 50 tonnes, with an annualised capacity of 3,650 vehicles. The capacity can be further expanded as required. On 2 August 2011, Tata Motors announced the launch of the Tata Aria 4x2, a luxurious creation with the finesse of a sedan and the muscle of an SUV all combined in one car with 4x2 option at a starting price of Rs 11.61 lakh ex-showroom, New Delhi. On 23 August 2011, Tata Motors announced the launch of a new version of its premium hatchback, the Tata Vista. On 4 November 2011, Tata Motors announced that new Range Rover Evoque from the stable of Jaguar Land Rover will be launched in India at a starting price of Rs 44.75 lakh (ex-showroom price in Mumbai, pre-Octroi). On 10 November 2011, Tata Motors announced the launch of new Tata Sumo Gold sport utility vehicle at a starting price of Rs 5.23 lakh ex-showroom, Pune. On 21 November 2011, Tata Motors announced the introduction of a bouquet of features for the Tata Nano, including new colours, new interiors, a more powerful gasoline engine and greater fuel efficiency of 25.4 kmpl. On 20 December 2011, Tata Motors announced the launch of the Tata Divo, a luxurious long distance inter-city travel bus and the Tata Starbus Ultra, a modern and practical bus for commuting within the city. On 27 December 2011, Tata Motors announced that the car maker is upgrading old Tata Nanos produced up to mid-September 2011, with a new starter motor to enhance their performance. This is in line with the company's practice of upgrading its vehicles. On 5 January 2012, Tata Motors unveiled at the New Delhi Auto Expo 2012 the Tata Safari Storme, the new generation Safari SUV, the Tata Ultra, the company's new LCV & ICV range, and the Tata LPT 3723, India's first 5-axle rigid truck. On 6 March 2012, Tata Motors presented at the 82nd Geneva Motor Show the Tata Megapixel, a new four-seater city-smart global range extended electric vehicle (REEV) concept for the performance-seeking and environment-conscious motorist anywhere in the world. On 23 April 2012, Tata Motors and DRB-HICOM Defence Technologies Sdn Bhd (DEFTECH), a wholly-owned subsidiary of DRB-HICOM Berhad, Malaysia, signed a cooperation agreement to enable both DEFTECH and Tata Motors to develop, promote and market Tata Motors' high mobility 4x4 trucks with payloads ranging from 2.5 tonnes to 5 tonnes for the Armed forces of Malaysia.On 2 May 2012, Tata Motors and Fiat agreed that, in order to further develop the Fiat brand in India, Tata Motors will hand over the management control of Fiat's commercial and distribution activities in India to a separate Fiat Group owned company. Development of the new Fiat dealer network for India will start progressively and the 178 existing Fiat-franchised Tata dealers in 129 cities will be encouraged to form the foundation of the future network.On 6 June 2012, Tata Motors announced that its Dharwad, Karnataka plant for small commercial vehicles has become operational and has begun to produce the Tata ACE Zip and the Tata Magic IRIS. Established with an investment of over Rs 900 crore, the plant spans across an area of 405 acres. On 3 September 2012, Tata Motors announced the launch of the Tata Xenon pick-up, offering both single cab and dual cab versions. On 14 September 2012, Tata Motors announced the launch of its new generation sedan, the Tata Indigo Manza in the South African market. On 17 September 2012, Tata Motors announced the launch of 6 first-of-its-kind heavy trucks. On the same day, the company announced the launch of an intelligent vehicle and driver management solution viz. Tata FleetMan Telematics Services. Targeted at commercial vehicle fleet owners and large consigners of goods, the service offers advanced Telematics solutions, which will help in increasing productivity and profitability. On 20 September 2012, Tata Motors announced that it has received its largest ever single order for commercial vehicles from Siddhivinayak Logistics Ltd. (SVLL), to supply 1,314 trucks to be delivered during the financial year. The order coincided with the launch of an innovative scheme by SVLL, meant for the well-being of their drivers, called Chalak se Malak'. On 16 October 2012, Tata Motors announced the launch of its next generation car, the Tata Manza, a Club Class sedan. On 17 October 2012, Tata Motors announced the launch of the new Tata Safari Storme sports utility vehicle at a starting price of Rs 9.95 lakh ex-showroom, New Delhi.On 18 October 2012, Tata Motors announced the launch of its 1-tonne diesel mini-truck, the Tata Super ACE in South Africa. On 26 October 2012, Tata Motors announced the launch of Tata Alert', a highway assistance programme for medium and heavy commercial vehicles, which will be available across all national highways in India. On 27 November 2012, Tata Motors announced its maiden entry in the Bangladesh new car market by introducing two sedans viz. the Tata Indigo eCS, the Tata Indigo Manza, and the Tata Indica Vista hatchback. On 18 December 2012, Tata Motors announced the launch of new Tata Aria Pure LX, a new variant of the Aria car with a bouquet of features, priced at Rs 9.95 lakh ex-showroom Bangalore. On 28 January 2013, Tata Motors announced the launch of its premium hatchback, the all new Tata Vista D90, an advanced and dynamic car, delivering 90PS of raw power, offering first-in-class high-tech features. On 13 February 2013, Tata Motors announced that it has bagged an order for the company's fully indigenous Tata 6x6 multi-axle high mobility mobile platforms from Bharat Electronics Limited (BEL), Bangalore, to mount Radar applications meant for the Indian Air Force. Tata Motors will supply 26 Tata 6x6 multi-axle vehicles to BEL Bangalore. On 15 February 2013, Tata Motors showcased two new MCV buses for intercity transportation and staff transportation at the SIAM International Bus & Utility Vehicles Show, at Greater Noida. On 19 February 2013, Tata Motors announced the roll-out of the 2 millionth truck from its world-class manufacturing facility at Jamshedpur in Jharkhand. The plant manufactures Tata Motors' entire range of medium and heavy commercial vehicles, including the Tata Prima, both for civilian and defence applications. On 3 April 2013, Tata Motors announced the launch of the Tata Prima range of commercial vehicles in Sri Lanka. On 18 May 2013, Tata Motors announced that TML Holdings Pte. Ltd., a wholly owned subsidiary of Tata Motors, issued and allotted s$350 million in principal amount of 4.25% senior notes due 2018. The net proceeds from the issue will be used for the redemption of preference shares issued to Tata Motors and for general corporate purposes. On 19 June 2013, Tata Motors announced HORIZONEXT, an aggressive customer-focused strategy for its passenger vehicles business. It also unveiled 8 newly upgraded and enhanced products across 5 brands. On 23 July 2013, Tata Motors announced its entry into Australia, under a new independent distributor, M/s Fusion Automotive Pty Ltd. Australia. Through Fusion Automotive Pty Ltd., Tata Motors will introduce a range of light commercial vehicles in Australia. 5 August 2013, Tata Motors announced that it has entered into an understanding with UCO Bank for financing its range of commercial vehicles, to provide an added facility of finance to its customers. Through this tie-up, UCO Bank will offer loans of upto 85% on a Tata Motors commercial vehicles on-road pricing. On 9 September 2013, Tata Motors announced its partnership with DRB-HICOM, Malaysia's biggest conglomerate, for the import, distribution and assembly of Tata Motors commercial vehicles in Malaysia. On 10 September, 2013, Tata Motors' wholly owned subsidiary in Indonesia PT Tata Motors Distribusi Indonesia (TMDI) launched three new Tata passenger vehicles viz. the Tata Aria, the Tata Vista and the Tata Safari Storme in Indonesia. On 24 September 2013, Tata Hispano Motors Carrocera, SA announced its decision to cease production activities at Zaragoza, Spain factory. The decision to cease the activity at Tata Hispano Motors Carrocera was compelled due to economic and business factors, as despite strong investments, there was no positive result to reverse the challenging business situation and losses for the plant. Tata Hispano Motors Carrocera, SA is a Spanish company based in Zaragoza. It is a wholly-owned subsidiary of Tata Motors. On 8 October 2013, Tata Motors formally announced the launch of the CNG version of its small car Nano powered by a fuel efficient, state-of-the-art engine, with CNG and petrol bi-fuel system options. On 29 October 2013, Tata Motors announced the launch of New Tata Sumo Gold sports utility vehicle at a starting price of Rs 5.93 lakh ex-showroom, New Delhi. On 22 November 2013, Tata Motors formally announced the launch of two new additions to its CNG portfolio - Tata Indigo emax and Tata Indica emax. These two variants were introduced in 6 markets across India viz. Delhi, Maharashtra, Gujarat, Uttar Pradesh, Andhra Pradesh and Tripura. On 13 January 2014, Tata Motors announced the launch of the new Nano Twist, a new addition to the Nano range priced at Rs 2.36 lakh ex-showroom Delhi. On 20 January 2014, Tata Motors announced the launch of the REVOTRON Series, the next generation petrol engine family that will power its future models in the passenger vehicle market. On 21 January 2014, Tata Motors announced the launch of the premium hatchback Vista VXTech at a starting price of Rs 4.94 lakh ex-showroom Delhi for Vista LS model. On 5 February 2014, Tata Motors showcased an extensive range of 18 stunning vehicles and concepts at the Auto Expo 2014. Tata Motors and Samsung Electronics on 6 February 2014 announced a partnership to offer innovative in-car connectivity applications in Tata Motors passenger vehicles. On 6 March 2014, Tata Motors announced the launch of six new heavy trucks in the haulage segment and four in the construction segment from its Prima LX range. On 8 March 2014, Tata Motors announced that it has entered into an understanding with Bharatiya Mahila Bank (BMB) for financing its passenger vehicle customers. BMB will be facilitating eligible customers of Tata cars and utility vehicles with vehicle financing, at an attractive rate of 10.5% for women customers, across all BMB branches, in India. On 3 April 2014, Tata Motors announced its entry into the Philippines market at the Manila International Auto Show (MIAS), 2014, held at the World trade Centre. The company said at that time that it will commence its business in Philippines with exports of the Manza, the Vista, the Indigo and the Indica from its passenger vehicles portfolio and the Xenon, the Ace and the Super Ace from its commercial vehicles range. On 6 May 2014, Tata Motors announced the launch of a new utility vehicle Movus at a starting price of Rs 6.99 lakh ex-showroom, Delhi. On 14 May 2014, Tata Motors announced that it has bagged an order for 2,000 passenger vehicles to be supplied over a period of one year from SVLL Connect Pvt. Ltd., a group company of Siddhi Vinayak Logistic Ltd. SVLL Connect's order will comprise of Tata Motors luxury sedan, the Manza, the Indigo eCS, with a majority of the order placed for the new Aria utility vehicle. SVLL Connect will ply these vehicles over inter-city routes. On 22 May 2014, Tata Motors announced the launch of the new Intermediate and Light Commercial Vehicle (ILCV) range of trucks christened ULTRA', which offers superior technology and design that ensures lowest total cost of ownership through higher uptime because of increased driver comfort, superior aggregates and customised requirements. On 12 August 2014, Tata Motors announced the commercial launch of the Zest, the all new, sub-four metre compact sedan with a start price of Rs 4.64 lakh ex-showroom, New Delhi, for the petrol Revotron 1.2T model and Rs 5.64 lakh ex-showroom, New Delhi for the diesel variant. On 27 August 2014, Tata Motors announced the launch of its passenger vehicle range in Algeria. It includes Tata Indica and Tata Vista from the hatchback range, and the Tata Indigo and Tata Manza from the sedans. On 2 September 2014, Tata Motors announced that it had received an order from Karnataka State Road Transport Corporation (KSRTC) to supply 487 buses and another order for 780 buses from Himachal Road Transport Corporation for Tata Marcopolo built buses as per 'Urban Bus Specifications' under JNNURM - II scheme. These orders are part of the over 2,700 orders for Tata Motors URBAN' buses received under JNNURM - II scheme. On 11 September 2014, Tata Motors and Microlise, one of Europe's leading Telematics and Fleet Management solutions providers, announced their partnership to bring in the latest global Fleet Telematics solutions to the Indian market. The agreement, signed for an initial period of 5 years, envisages both partners utilising their core strengths to deliver Fleet Management services of unprecedented quality, reliability and range to the Indian Transport Industry through the Tata Fleetman platform. While Microlise will provide the technology and solutions, Tata Motors will integrate them in its commercial vehicles and utilise its vast experience and reach for service delivery. The services will be marketed through OE fitment as well as through the aftermarket route. On 25 October 2014, Tata Motors announced the pricing of a dual-tranche USD 750 million senior unsecured notes following strong demand aggregating USD 4.50 billion for the offering. The proceeds from the issuance and sale of the notes will be used to refinance external commercial borrowing of the company, incur new additional capital expenditure and for general corporate purposes. On 13 November 2014, Tata Motors showcased two new mini-trucks on its popular Ace platform from its new municipal range of solutions at Municipalika 2014 in Gandhinagar, Gujarat. Municipalika 2014 is a trade show focusing on Construction, Architecture, Planning and Engineering to deliberate on sustainable built environment and good urban governance. On 2 December 2014, Tata Motors announced that it has received an order for 1,542 Sumo Gold utility vehicles from various police and law enforcement agencies across the country. On 22 January 2015, Tata Motors announced the commercial launch of its much-awaited sporty hatchback Bolt at a starting price of Rs 4.44 lakh ex-showroom, Delhi for the Revotron (petrol) 1.2T variant and Rs 5.49 lakh ex-showroom, Delhi for the diesel variant. On 27 February 2015, Tata Motors announced new initiatives designed to enhance the company's competitiveness. As a part of these initiatives, the company announced a Voluntary Retirement Scheme (VRS) for the workmen. On 3 March 2015, Tata Motors announced the launch of a new small pick-up, the Tata SuperAce Mint. The cargo carrier will meet requirements of intra and intercity transport. The vehicle was launched at a starting price of Rs 5.09 lakh ex-showroom, Thane. On 20 April 2015, Tata Motors announced the launch of the new Safari Storme sports utility vehicle with a starting price of Rs 9.99 lakh ex-showroom, New Delhi. On 7 May 2015, Tata Motors announced that its Rs 7500-crore rights issue was oversubscribed 1.21 times. The rights issue of ordinary shares was oversubscribed by 1.17 times while the rights issue of A' ordinary shares was oversubscribed by 1.51 times. The proceeds from the share issue are intended to be used for funding expenditure towards plant and machinery, research and product development, repayment in full or in part of certain long-term and short-term borrowings and general corporate purposes. On 19 May 2015, Tata Motors announced the launch of all-new GenX Nano range, a new compact, feature-rich hatchback with advanced technological features and a starting price of Rs 1.99 lakh for the XE variant. On 10 July 2015, Tata Motors announced that the company has bagged an order to supply around 1,200 high-mobility 6X6 multi-axle trucks from the Indian Army - the single largest order awarded to an Indian private OEM (Original Equipment Manufacturers) in land systems under the DPP by the Indian army. The order for 6X6 vehicles is for Material Handling Cranes' for the loading-unloading and transportation of ammunition pallets, spares and other operational equipment. On 27 August 2015, Tata Motors announced the launch of a new smart pick-up truck Tata ACE Mega. On 10 September, 2015, Tata Motors announced the launch of special edition of its highly acclaimed compact sedan Tata Zest. On 22 September 2015, Tata Motors announced that it has achieved 3 lakh units sales mark for its last mile passenger transport brand Tata Magic. Tata Magic was introduced in June 2007 as India's first small commercial four-wheeler in last mile public transport. On 8 December 2015, Tata Motors announced the launch of a new variant of the Safari Storme VX sports utility vehicle powered by a new 2.2L VARICOR 400 engine. On 6 January 2016, Tata Motors in association with PETRONAS Lubricants International (PLI) launched co-branded range of lubricants for Tata Motors' passenger vehicles range in the India market. On 3 February 2016, Tata Motors showcased its future range of passenger vehicles at the Auto Expo 2016. The product line-up features the new sporty compact sedan (project code named KITE 5), the production ready, lifestyle SUV- HEXA in automatic and manual variants, compact SUV - NEXON and the personalized editions of the new passenger vehicles from Tata Motors. On 4 February 2016, Tata Motors announced the launch of its new SIGNA range of Medium & Heavy Commercial Vehicles at the SIAM Auto Expo 2016. On 7 March 2016, Tata Motors announced that it has signed a strategic agreement with Bharat Forge Limited and General Dynamics Land Systems (GDLS) of the US, for the Indian Ministry of Defence (MoD's) prestigious Future Infantry Combat Vehicle (FICV) program. Tata Motors will lead the consortium, with Bharat Forge Limited as a partner, while General Dynamics Land Systems will bring in its much proven expertise in combat vehicle platforms. On 16 March 2016, Tata Motors announced that it has won a contract to supply 25 hybrid buses from Mumbai Metropolitan Region Development Authority (MMRDA) in the single largest order awarded for Hybrid Electric vehicle technology. On 27 March 2016, Tata Motors announced that it has bagged a follow-on contract for the supply of an additional 619 units of its high-mobility (HMV) 6X6 multi-axle truck from the Indian Army. On 6 April 2016, Tata Motors announced the commercial launch of its new hatchback TIAGO at a starting price of Rs 3.20 lakh ex-showroom, New Delhi for the Revotron 1.2L (petrol) variant and Rs 3.94 lakh ex-showroom, New Delhi, for the Revotorq 1.05L (diesel) variant. On 6 September 2016, Tata Motors announced having received orders of over 5,000 buses from 25 State/City Transport Undertakings across the country. On 26 September 2016, Tata Motors announced its foray into the Bolivian commercial vehicle market through a distribution agreement with local partner, Bolivian Auto Motors, part of the business group Salvatierra, an important business conglomerate engaged in the distribution of motor vehicles and motor cycles in Bolivia. Through this partnership Tata Motors launched three commercial vehicles in the Bolivian market. On 28 September 2016, Tata Motors and Hindustan Petroleum Corporation Limited (HPCL) launched the high performance range of HP Tata Motors Genuine Oil (HP TMGO), exclusively developed for Tata Motors passenger vehicles in the Indian market. The HP TMGO range includes Engine Oils, Gear Oils, Steering and Transmission Fluids, Coolants, Brake Fluids and Greases.On 3 November 2016, Tata Motors and PT Pindad, Indonesia signed a Memorandum of Understanding (MoU) for cooperation to effectively explore market potential of Tata Armoured Vehicles in Indonesia and other agreed regions of ASEAN. The MoU further includes a study to check the feasibility of locally assembling Tata Armoured Vehicles at PT Pindad's facility in Bandung in West Java province of Indonesia. PT Pindad is an Indonesian state-owned enterprise specializing in military and commercial products.On 8 November 2016, Tata Motors showcased the country's first LNG (liquefied natural gas) powered bus in Kerala. Tata Motors first showcased LNG technology on the Tata PRIMA Truck, at Auto Expo 2014 in New Delhi. On 12 December 2016, Tata Motors announced price hike ranging from Rs 5,000 to Rs 25,000 for its passenger vehicles with effect from 1 January 2017 to pass on increase in prices of raw material commodities like steel, aluminium, copper and rubber. On 3 January 2017, Tata Motors announced the launch of Tata Xenon Yodha range of pick-ups. The new Tata Xenon Yodha is an ideal solution for diverse commercial usage transporting agri-produce (Fruits & Vegetable), poultry, fish, milk, a cash van, a service support vehicle at construction sites etc. On 5 January 2017, Tata Motors and Castrol announced the signing of a three-year strategic partnership agreement for supply of Commercial Vehicle Oils to Tata Motors globally. The agreement will cover over 50 markets including SAARC and ASEAN region, Middle East, Africa, Russia and Latin America. On 18 January 2017, Tata Motors announced the commercial launch of its much awaited lifestyle vehicle Hexa at a starting price of Rs 12.08 lakh ex-showroom Maharashtra for the manual transmission variant and Rs 14.98 lakh ex-showroom Maharashtra for the automatic variant. On 25 January 2017, Tata Motors launched new hybrid and electric buses at its Pune facility thus reiterating the company's commitment towards smart and green technology and mobility solutions. On 16 February 2017, Tata Motors and Microsoft India announced a strategic agreement to redefine connected and personalized driving experiences for Indian customers. Tata Motors will leverage Microsoft's connected vehicle technologies that bring together artificial intelligence (AI), advanced machine learning, and the Internet of Things (IoT) capabilities on the global hyper-scale Azure cloud, to traverse the digital and physical worlds and create a highly personalized, smart and safer driving experience across the digital life of a vehicle owner. On 29 March 2017, Tata Motors announced the commercial launch of its new compact sedan Tata TIGOR. The car will be available in 8 variants and six exciting colour options. On 31 March 2017, Tata Motors announced the launch of JT Special Vehicles Pvt. Ltd., a 50:50 joint venture with Jayem Automotives Pvt. Ltd., for the development of special performance vehicles based on the latest series products. As part of the agreement, both Tata Motors and Jayem Automotives will work towards performance enhancement and appearance of series vehicles to offer an exciting and innovative range of niche aspirational products for the passenger car customers. On 19 April 2017, Tata Motors announced the launch of AMT (Automated Manual Transmission) technology in its Starbus and Ultra brand of buses, ranging from 9-12 meters, at a starting price of Rs 21 lakh (ex-showroom New-Delhi). On 27 April 2017, Tata Motors announced that it has signed a contract for supply of 3,192 units of the Safari Storme under the newly formed GS800 category to the Indian Armed Forces. On 9 June 2017, Tata Motors announced that it has resolved the long-term wage settlement issue at its Sanand, Gujarat manufacturing facility. On 15 June 2017, the Tata Group announced that an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, will purchase approximately 30% stake in Tata Technologies Limited from Tata Motors and its subsidiary Sheba Properties Limited, as well as the entire 13% stake held by Tata Capital (8.7% from Alpha TC Holdings Pte Ltd and 4.3% from Tata Capital Growth Fund I). Post the transaction, Tata Motors and affiliates of the Tata Group will continue to retain a significant minority interest of approximately 43% in Tata Technologies, with the remaining ownership held by the management team and other shareholders. Tata Technologies is a global engineering services and product development IT company with more than 8,500 employees located in 23 countries. On 3 July 2017, Tata Motors announced that its TIAGO hatchback has crossed the one lakh bookings milestone in the domestic market. TIAGO was launched in April 2016. On 6 July 2017, Tata Motors announced a price reduction in the range of 0.3% to 4.21% for cargo commercial vehicles and reduction of 0.6% to 8.2% for commercial vehicles for passenger transportation following the introduction of a nationwide Goods and Services Tax (GST) from 1 July 2017. On 5 July 2017, Tata Motors announced a price reduction of upto 12% ranging between Rs 3,300 and Rs 2.17 lakh per vehicle on its passenger vehicles following the introduction of a nationwide Goods and Services Tax (GST) from 1 July 2017. On 11 July 2017, Tata Motors announced the launch new Tata Ace XL range of small commercial cargo vehicles. On 17 July 2017, Tata Motors showcased India's first Bio-CNG (bio-methane) Bus at the Bio-energy programme, called Urja Utsav'. On 26 July 2017, Tata Motors announced the launch of a range of commercial vehicles in Philippines. On 10 August 2017, Tata Motors announced that the company and Skoda Auto have ceased discussions around a potential partnership between the two auto makers. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations. To mark the overwhelming success of TIAGO and usher in the festive season, Tata Motors on 12 September 2017 announced the launch of the limited-edition TIAGO Wizz hatchback priced at Rs 4.52 lakh for the petrol version and Rs 5.30 lakh for the diesel version (ex-showroom Delhi), inclusive of the accessory kit. On 21 September 2017, Tata Motors announced its entry into the growing compact SUV segment with the commercial launch of its new Gen-next lifestyle SUV, the Tata NEXON with an introductory price of Rs 5.85 lakh ex-showroom Delhi for the petrol variant and Rs 6.85 lakh ex-showroom Delhi for the diesel variant. On 4 October 2017, Tata Motors Limited showcased the new safety technology - Electronic Stability Control (ESCsmart) for the range of PRIMA and SIGNA trucks at an event in Chennai. Tata Motors said at that time that it is the first OEM in India to deploy Electronic Stability Control (ESC) for Medium and Heavy Commercial Vehicles. On 5 October 2017, Tata Motors announced that it has signed a memorandum of understanding with Srei Equipment Finance Limited (Srei), a wholly owned subsidiary of Srei Infrastructure Finance Limited, to finance Tata Motors commercial vehicles with a special focus on construction and mining tippers. The preferred financier agreement (PFA) will allow both Tata Motors and Srei to explore enhanced growth prospects in the heavy-duty tipper truck segment in the country. On 2 November 2017, Tata Motors announced the addition of two AMT (Automated Manual Transmission) variants to the Tigor Styleback sedan range. On 14 November 2017, Tata Motors announced that it has signed a Memorandum of Understanding (MoU) with Energy Efficiencies Services Limited (EESL) to achieve energy saving and resource conservation by implementing various energy efficiency initiatives across the company's manufacturing facilities in India. The energy efficiency programme will be implemented in Tata Motors manufacturing plants located at Pantnagar (Uttarakhand), Lucknow and Pune in the first phase and will be later extended to other facilities. EESL will undertake the complete upfront investment for the energy efficiency programme, with zero investment from Tata Motors. The overall implementation period for the programme will be two years. On 6 December 2017, Tata Motors rolled out the first batch of the Tigor Electric Vehicle (EV) manufactured for the Indian government's prestigious order of electric vehicles from the Energy Efficiency Services Ltd (EESL), an entity under the Ministry of Power. Tata Motors had qualified as L1 bidder in the midst of stiff competition and won the tender of 10,000 electric cars floated by EESL in September 2017. On 11 December 2017, Tata Motors announced that the company will display six new construction and mining commercial vehicles, from its Construck range at EXCON 2017, South East Asia's largest construction equipment exhibition. On the same day, Tata Motors announced that the company would be increasing prices of its entire passenger vehicles range by up to Rs 25,000, starting January 2018 to pass on rising input costs. On 19 December 2017, Tata Motors announced that its small commercial vehicle Tata Ace has crossed 20 lakh sales milestone. The vehicle was launched by Tata Motors in 2005. On 3 January 2018, Tata Motors announced the first-of-its-kind Best-in-class Warranty' for 6 years for the entire range of Tractor-trailers, Multi-axel Trucks & Tippers of 16 tonnes and higher GVW (Gross Vehicle Weight). Tata Motors is the first company in India to introduce a standard driveline warranty of 6 years on the entire M&HCV range. On 15 January 2018, Tata Motors announced the launch of company branded Tata Motors Genuine Oil' exclusively for Tata Motors commercial vehicles range in the Indian market. The product range includes high performing engine oils, gear oils and rear axle oil for commercial vehicles range manufactured by Tata Motors for both on road and off road applications segment. On 5 March 2018, Tata Motors announced the launch of the ZEST Premio compact sedan - a special edition car with 13 new features and at a starting price of Rs 7.53 lakh for the diesel version (ex-showroom Delhi). The Company sold 12,74,072 units and 12,21,124 units in FY 2018- 19 and FY 2017-18, respectively (excluding wholesales from the China joint venture), consisting of 7,61,786 units of Tata and other brand vehicles and 5,12,286 units of Jaguar Land Rover vehicles for FY 2018-19. During FY2019, the company spent towards Capital Expenditure amounting to Rs 36636 crore. The Company has 99 subsidiaries (12 direct and 87 indirect), 10 associate companies, 3 joint ventures and 2 joint operations as at 31 March 2019. During the year, the following companies became subsidiaries,associates and joint ventures of the company. Spark44 Taiwan Limited (Taiwan) was incorporated with effect from 07 May 2018. Jaguar Land Rover Classic USA LLC was incorporated with effect from 01 June 2018 (dormant). Jaguar Land Rover Hungary KFT was incorporated with effect from 30 July 2018. Jaguar Land Rover Classic Deutschland GmbH was incorporated with effect from 10 August 2018. InMotion Ventures 4 Limited was incorporated with effect from 04 January 2019. Tata Toyo Radiator Limited was converted from a joint venture to subsidiary company with effect from 01 July 2018. Loginomic Tech Solutions Private Limited ('TruckEasy') stake acquired with effect from 10 July 2018. Automotive Skill Training Pvt. Ltd. converted into Private Limited Company from Section 25 Company with effect from 10 December 2018 (formerly Automotive Skills Training Foundation). TitanX Engine Cooling, Poland incorporated with effect from 25 April 2018. TML Drivelines Limited merged with the Company with effect from 30 April 2018 and consequently Authorised Share Capital of the Company increased from Rs 3,900 crore to Rs 4,000 crore. The Jaguar Collection Limited (dormant) dissolved with effect from 19 June 2018. Entire shareholding in TAL Manufacturing Solutions Limited ('TAL') sold to Tata Advanced Systems Limited with effect from 29 March 2019 after acquisition of the non-aerospace business from TAL. Serviplem S.A.U. liquidated with effect from 06 February 2019. During the FY2019, the company raised Rs 1,500 crore through Buyer's line of credit from banks with a tenor ranging from 4 years to 5 years. Jaguar land rover Automotive plc, arranged and draw down on a USD1 billion (Rs 6,834 crore) syndicated loan of USD 200 million (Rs 1,367.63 crore) and USD 800 million (Rs 5,466.74 crore) maturing in October 2022 and January 2025 respectively. Jaguar land rover Automotive plc, issued a EURO500 million (Rs 3,898.95 crore) bond in September 2018 maturing in January 2026 with a coupon of 4.5%. Tata Motors Finance group had raised Rs 2,066 crore by issuing NCD and through secured term loan amounting to Rs 6,306 crore. The company has been conferred 8 awards at ET Now Awards 2019. The company also bagged 5 awards at Flywheel awards 2019 for CV, including CV Manufacturer of the year and CV of the year. During FY2020, the company spent towards Capital expenditure totalled Rs 31,222 crore. The Company has 103 subsidiaries (13 direct and 90 indirect), 10 associate companies, 3 joint ventures and 2 joint operations as at 31 March 2020. During the year, the following companies became subsidiaries,associates and joint ventures of the company. Brabo Robotics and Automation Limited ('BRAL') was incorporated on 17 July 2019, as a wholly owned subsidiary of Tata Motors Limited (TML), with an operating plan to take-over the robotics and factory automation (RAB) division of TML as a going concern. The RAB business of TAL Manufacturing Solutions Limited was transferred to TML w.e.f. 30 April 2019. JLR Ventures Limited was incorporated with effect from 16 May 2019. JLR (Ningbo) Trading Co., Limited was incorporated with effect from 04 November 2019. Bowler Motors Limited was incorporated as JLR Auto Ventures Limited, with effect from 13 December 2019 and its name changed on 28 January 2020. TML Business Analytics Services Limited (a subsidiary of TML Business Services Limited) was incorporated on 04 April 2020. Automotive Skill Training Pvt. Limited voluntarily struck off with effect from 18 April 2019. During the year ended 31 March 2020, the Company has allotted 20,16,23,407 Ordinary Shares at a price of ?150 per Ordinary Share aggregating to Rs 3,024 crore and 23,13,33,871 Convertible Warrants (Warrants'), each carrying a right to subscribe to one Ordinary Share per Warrant, at a price of Rs 150 per Warrant (Warrant Price'), aggregating to Rs 3,470 crores on a preferential basis to Tata Sons Private Limited. During the year ended 31 March 2020, Tata Motors has issued ?1,000 crores, 8.80% Secured rated listed redeemable non-convertible debentures due 2023. In November 2019, Tata Motors Limited issued USD300 million bonds due 2025 at coupon rate of 5.875% for funding capital requirements and other permitted use as per ECB guidelines. The company ranked 31st out of 2,000 and 5th among global automobile manufacturers in Forbes World's Best Regarded Companies 2019. The company also ranked second highest in the JD Power India Customer Service Index Study 2019 for a third consecutive year. The company also received the prestigious Autocar 2020 award for the Best Design and Styling of the Year. The company also received 3 awards from Car and bike Auto Expo Excellence awards (February 2020) in areas of best Design, Best CV Pavilion & Facebook people's choice best pavilion awards.The company also received 2 awards at the fourth edition of The Economic Times Polymers 2020 annual convention.

Tata Motors Ltd Directors Reports

TO THE MEMBERS OF TATA MOTORS LIMITED

The Directors present their Seventy Fifth Annual Report along with the Audited Financial Statement of Accounts for the FY 2019-20.

FINANCIAL RESULTS (Rs in crores)

Standalone*

Consolidated

FY 2020 FY 2019 FY 2020 FY 2019
Revenue from operations 43,928.17 69,202.76 2,61,067.97 3,01,938.40
Total expenditure 43,510.11 63,476.23 2,37,153.67 2,72,143.59
Operating profit 418.06 5,726.53 23,914.30 29,794.81
Other Income 1,383.05 2,554.66 2,973.15 2,965.31
Profit before interest, foreign exchange, depreciation, amortization, exceptional item and tax 1,801.11 8,281.19 26,887.45 32,760.12
Finance cost 1,973.00 1,793.57 7,243.33 5,758.60
Profit before depreciation, amortization, exceptional item, foreign exchange and tax (171.89) 6,487.62 19,644.12 27,001.52
Depreciation, amortization and product development/ engineering Expenses 4,205.53 3,670.40 25,613.92 27,815.20
Foreign exchange loss (net) 239.00 215.22 1,738.74 905.91
Profit/(loss) before exceptional items and tax (4,616.42) 2,602.00 (7,708.54) (1,719.59)
Exceptional Items - loss (net) 2,510.92 203.07 2,871.44 29,651.56
Profit / (loss) before Tax (7,127.34) 2,398.93 (10,579.98) (31,371.15)
Tax expenses / (credit) (net) 162.29 378.33 395.25 (2,437.45)
Profit / (loss) after Tax (7,289.63) 2,020.60 (10,975.23) (28,933.70)
Share of profit /(loss) of joint venture and associates (net) - - (1,000.00) 209.50
Profit/(loss) for the year (7,289.63) 2,020.60 (11,975.23) (28,724.20)
Other comprehensive income/(loss) (378.72) (23.43) 11,504.47 (5,575.77)
Total Other comprehensive income/(loss) for the year (7,668.35) 1,997.17 (470.76) (34,299.97)
Attributable to:
Shareholders of the Company - - (578.88) (34,401.73)
Non-controlling interest - - 108.12 101.76

* These include the Company's proportionate share of income and expenditure in its two joint operations, namely, Tata Cummins Pvt. Ltd. and Fiat India Automobiles Pvt. Ltd.

DIVIDEND

In view of the losses for FY 2019-20, no dividend is permitted to be paid to the Members as per the provisions of the Companies Act, 2013 ('the Act') and the Rules framed thereunder.

TRANSFER TO RESERVES

Due to losses in FY 2019-20, no amount has been transferred to Reserves. An amount of Rs 47.10 crores was transferred from Debenture Redemption Reserve to Profit & Loss Account.

FINANCIAL PERFORMANCE AND STATE OF THE COMPANY'S AFFAIRS

Operating Results and Profits

Tata Motors Limited consolidated revenue from operations was Rs 2,61,068 crores in FY 2019-20, 13.5% lower than Rs 3,01,938 crores in FY 2018-19. The decrease was mainly attributable to lower sales volumes, for both, the Company and Jaguar Land Rover.

The consolidated EBITDA margin was at 8.4% in FY 2019-20 as compared to 8.9% in FY 2018-19. EBIT margin stood at (0.2)% in FY 2019-20 as compared to 1.2% for 2018-19. Profit for the period (including share of associates and joint ventures) stood at Rs (11,975) crores in FY 2019-20 as compared to Rs (28,724) crores in FY 2018-19.

The free cash flow (auto) was at Rs (9,205) crores in FY 2019-20 compared to Rs (9,168) crores for FY 2018-19

Refer MD&A para Operating Result for detail analysis.

Tata Motors Limited recorded revenue from operations (including joint operations) of Rs 43,928 crores in FY 2019-20, 36.5% lower than Rs 69,203 crores in FY 2018-19. Loss Before and After Tax (including joint operations) for FY 2019-20 were at Rs (7,127) crores and Rs (7,290) crores, respectively as compared to Profit Before and After Tax (including joint operations) of Rs 2,399 crores and Rs 2,021 crores respectively for FY 2018-19. The financial performance was impacted due to several challenges in FY 2019-20 such as general economy slowdown, liquidity issues, BS VI transition, unfavourable product mix and impact of COVID-19 pandemic towards the end of the Year

Jaguar Land Rover ('JLR'), (as per IFRS) recorded revenue of GB23.0 billion in FY 2019-20 compared to GB24.2 billion in FY 2018-19, down by 5.1% broadly in line with the decline in wholesales (excluding CJLR) which were down 6.3% primarily as a result of the impact of coronavirus in the fourth quarter.

EBITDA margins were at 8.7% in FY 2019-20, higher by 50 basis points as compared to 8.2 % in FY 2018-19 primarily supported by cost efficiencies as a result of Project Charge and favourable foreign exchange with the weakening of the Pound. EBIT margins were at (0.1)% in FY 2019-20 higher by 60 basis points as compared to (0.7)% in FY 2018-19, on account of lower depreciation and amortization charge, offset by our share of losses incurred by the China joint venture and the impact of COVID-19 in the fourth quarter. The Loss After Tax and exceptional items was (469) million in FY 2019-20, as compared to the (3,321) million Loss After Tax and exceptional items in FY 2018-19. Free cash flows were at (702) million in FY 2019-20, an improvement of 563 million as compared to (1,265) million in FY 2018-19.

VEHICLE SALES AND MARKET SHARES

The Tata Motors Group sales for the year stood at 9,61,463 vehicles, down by 24.5% as compared to FY 2018-19. Global sales of all Commercial Vehicles were 3,47,587 vehicles, while sales of Passenger Vehicles were at 6,13,876 vehicles.

Refer MD&A para Overview of Automotive Operations for detail analysis.

TATA MOTORS

Tata Motors recorded sales of 4,44,063 vehicles, a decline of 34.6% over FY 2018-19, higher than the Indian Auto Industry decline of 20.3%. The Company's market share (calculated on wholesales) decreased to 12.7% in FY 2019-20 from 15.5% in FY 2018-19.

Commercial Vehicles ('CV')

Domestic CV industry witnessed a decline of 30% in FY 2019-20 as compared to FY 2018-19. The domestic CV industry faced several challenges including BS VI transition, impact of axle load norms and general slowdown.

Tata Motors CV Business sales in the domestic market for FY 2019- 20, witnessed a decline of 33.4% with 3,12,267 units sold. The Company's market share (calculated on wholesales) for FY 2019-20 was 43.0%. All the four segments showed decline with two out of four segments, M&HCV and ILCV, witnessing a market share increase of 240 basis points and 180 basis points respectively. Retail sales increased by 16% as compared to wholesales.

Refer MD&A para Commercial Vehicles in India for detail analysis.

Passenger Vehicles ('PV')

Domestic PV industry witnessed a decline of 17.3% in FY 2019-20 as compared to FY 2018-19, mainly on account of general economic slowdown, liquidity issues, rising cost of vehicle ownership and decline in consumer sentiments.

The Company registered a 37.4 % decline in FY 2019-20 with a total volume of 1,31,796 units. The market share (calculated on wholesales) for FY 2019-20 was 4.8%, a decline of 150 basis points from FY 2018-19.

Financial stress in the market continued to affect the sales volume. Financial institutions were cautious while sanctioning the working capital limit to the auto dealers. During the festival season in October and November 2019, there were some signs of market recovery mainly driven by festive sentiment, however, outbreak of COVID-19 affected the supply of parts between January to March 2020 and sales in fourth quarter.

Various initiatives have been taken to improve the performance of the business including counter measures to deal with the above. The focus was shifted to retail sales rather than traditional approach of whole sales. The Company concentrated on the retail capability enhancement. 181 new sales outlets were added and 3500+ sales executives were inducted in the system. Retail focus helped to reduce the network stock by 66% by December 2019. At the end of March 2020, the stock was 2-3 weeks and BS IV stock was near ZERO. As a continuous improvement of process, vehicle billing to the Company's subsidiary TML Distribution Company Limited was stopped from June 2019 and direct billing to dealers was started.

In January 2020, Altroz was launched, which was the first product from the Alfa platform. With the launch of Altroz, the Company entered into the premium hatch segment. Along with Altroz, BS VI and refreshed versions of Tiago, Tigor and Nexon were also launched. Nexon BS VI was launched with the connected vehicle platform iRA and sunroof. This is the first product of the Company with connected vehicle technology. Harrier BS VI was launched in February 2020, with the automatic transmission and sunroof. This refreshed, NEW FOREVER product portfolio will enhance the sales.

The Customer satisfaction continued to be the focus. The Company was ranked second consecutively for three years in J D Power customer satisfaction survey and ranked fourth in sales satisfaction survey. Net Promoter Score (NPS) has improved to 23, indicating improved brand perception.

Exports

The Company's exports on standalone basis were lower by 41.4% to 31,144 vehicles in FY 2019-20 as compared to 53,140 vehicles in FY 2018-19.

Refer MD&A para Tata Commercial Vehicles and Tata Passenger Vehicles — Exports for detail analysis.

JAGUAR LAND ROVER ('JLR')

JLR retail sales were 508,659 vehicles in FY 2019-20, down by 70,256 vehicles (12.1%) year-on-year, with over two-thirds of that volume decline occurring in the fourth quarter as the outbreak of COVID-19 impacted sales and the supply of vehicles across all regions. JLR whole sales were 475,952 vehicles in FY 2019-20, down 6.3% as compared to FY 2018-19.

Refer MD&A para JLR for detail analysis on wholesale and retail sales volumes.

Some of the key highlights of FY 2019-20 were:

• Collaboration with BMW to develop next generation electronic drive units to power the next generation of all-electric vehicles announced in June 2019.

• In July 2019, JLR revealed plans to manufacture a range of new electrified vehicles at its Castle Bromwich manufacturing plant in the UK.

• JLR will open a new Battery Assembly Centre near Birmingham (UK) and will begin the manufacture of next-generation electric drive units at the Engine Manufacturing Centre (EMC) in Wolverhampton (UK) later this year.

• Sales and production of the all-new Range Rover Evoque ramped up significantly during the year.

• The refreshed Land Rover Discovery Sport was launched in May 2019 and recently went on sale, from the China joint venture in March 2020.

• Production of a 6 cylinder Ingenium 3.0-litre petrol engine started during the year at the EMC in Wolverhampton (UK).

• In September 2019, JLR unveiled new facilities at its Gaydon site in Warwickshire, creating the UK's largest automotive creation and development centre.

• JLR's first battery electric vehicle, the Jaguar I-PACE won the golden steering wheel award for best SUV in November 2019.

• JLR acquired Bowler, the all-terrain performance specialists, in December 2019.

• Refreshed Jaguar F-TYPE launched in December 2019.

• Production of the all-new Land Rover Defender began in January 2020 at the manufacturing plant in Nitra, Slovakia, with first retail sales in March 2020.

• In February 2020, the National Automotive Innovation Centre at the University of Warwick was officially opened, one of Europe's largest automotive R&D hubs.

• JLR unveiled its bold new concept vehicle, Project Vector, in February 2020 as part of the Company's Destination Zero journey, offering its vision of an autonomous, electric and connected future for urban mobility.

• Project Charge/Charge+ delivered 3.5 billion of cost, cash and profit improvements by the end of FY 2020, and is expected to deliver 5 billion of savings by 31 March 2021.

• Plug-in hybrid versions of the Range Rover Evoque and the Land Rover Discovery Sport were recently launched in April 2020 supported by a new 1.5-litre 3-cylinder Ingenium petrol engine.

Tata Daewoo Commercial Vehicle Company Limited ('TDCV')

The Consolidated Revenues for FY 2019-20 was Rs 3,134 crores as compared to Rs 3,973 crores in FY 2018-19. Overall sales decreased by 22.2% to 5,190 units in FY 2019-20 from 6,672 units in FY 2018-19.

Refer MD&A para Tata Commercial Vehicles and Tata Passenger Vehicles — Exports for detail analysis.

TMF Holdings Limited ('TMFHL')

FY 2019-20 witnessed several challenges including transition to BS VI, low growth in rural wages, NBFC crisis impacting credit flows and the crippling impact of COVID-19 pandemic from mid-March. Assets Under Management (AUM) as on March 31, 2020, stood at Rs 36,881 crores, as compared to Rs 38,311 crores in the year earlier. TMF Group's market share improved by 376 bps to 30% in FY 2019-20. Profit Before Tax for FY 2019-20 grew by 21% to Rs 149 crores as against Rs 123 crores in FY2019-20.

Refer MD&A para Tata and other brand vehicles - Vehicle Financing for detail analysis.

SHARE CAPITAL

During FY 2019-20, the Company allotted 20,16,23,407 Ordinary Shares at a price of Rs 150 per Ordinary Share aggregating to Rs 3,024 crores and 23,13,33,871 Convertible Warrants ('Warrants'), each carrying a right to subscribe to one Ordinary Share per Warrant, at a price of Rs 150 per Warrant ('Warrant Price'), aggregating to Rs 3,470 crores on a preferential basis to Tata Sons Private Limited. An amount equivalent to 25% of the Warrant Price was paid at the time of subscription and allotment of each Warrant and the balance 75% of the Warrant Price shall be payable by the Warrant holder against each Warrant at the time of allotment of Ordinary Shares pursuant to exercise of the options attached to Warrant(s) to subscribe to Ordinary Share(s). The warrants can be exercised within 18 months from the date of allotment. The amount of Rs 3,892 crores has been received and is to be utilized for repayment of debt, meeting future funding requirements and other general corporate purposes of the Company and its subsidiaries. The Company has utilised amount of Rs 2,762 crores as at March 31, 2020.

FINANCE

Amid the challenging environment, further impacted by COVID-19 pandemic, the Company and JLR has undertaken several measures to shore up liquidity. We have sufficient liquidity to weather the demand shocks. As at March 31, 2020, the Company's liquidity (including Joint operations) was Rs 6,668 crores (including undrawn credit facility of Rs 1,500 crores), while JLR's liquidity was at GBP 5.6 bn (including unutilized credit facility of GBP 1.9 bn).

On account of general economic downturn and several headwinds, including COVID-19 pandemic, both the Company and JLR witnessed certain revisions in credit ratings.

Refer MD&A para Liquidity and Capital Resources for detail analysis.

Material Changes and Commitment Affecting the Financial Position

The impact of Covid-19 on the Company's financial statements has been given in Note 2(d) of the Notes to financial statements for the year ended March 31, 2020 and the Company's response to the situation arising from this pandemic has been explained in the Management Discussion and Analysis, which forms part of the Annual Report.

CONSOLIDATED FINANCIAL STATEMENT

The consolidated financial statements of the Company and its subsidiaries for FY 2019-20 are prepared in compliance with the applicable provisions of the Act and as stipulated under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI Listing Regulations] as well as in accordance with the Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015. The audited consolidated financial statement together with the Independent Auditor's Report thereon form part of this Annual Report. Pursuant to Section 129(3) of the Act, a statement containing the salient features of the Financial Statement of the subsidiary companies is attached to the Financial Statement in Form AOC-1. Pursuant to the provisions of Section 136 of the Act, the Company will make available the said financial statement of the subsidiary companies upon a request by any member of the Company or its subsidiary companies. These financial statements of the Company and the subsidiary companies will also be kept open for inspection by any member. The members can send an e-mail to inv rel@tatamotors.com upto the date of the AGM and the same would also be available on the Company's website URL: https://www.tatamotors.com/investors/annual-reports/

SUBSIDIARY, JOINT ARRANGEMENTS AND ASSOCIATE COMPANIES

The Company has 103 subsidiaries (13 direct and 90 indirect), 10 associate companies, 3 joint ventures and 2 joint operations as at March 31, 2020, as disclosed in the accounts.

During FY 2019-20, the following changes have taken place in subsidiary / associates / joint venture companies:

• Brabo Robotics and Automation Limited ('BRAL') was incorporated on July 17, 2019, as a wholly owned subsidiary of Tata Motors Limited (TML), with an operating plan to take-over the robotics and factory automation (RAB) division of TML as a going concern. The RAB business of TAL Manufacturing Solutions Limited was transferred to TML w.e.f. April 30, 2019. Presently, BRAL is operational and engaged in RAB business and envisages to explore opportunities within the RAB avenue.

• JLR Ventures Limited was incorporated with effect from May 16, 2019.

• JLR (Ningbo) Trading Co., Limited was incorporated with effect from November 4, 2019.

• TML Business Services Limited [Name changed from Concorde Motors (India) Limited with effect from March 31, 2020] alongwith the object clause to under take the Global Delivery business for providing services to Tata Motors Group.

• Bowler Motors Limited was incorporated as JLR Auto Ventures Limited, with effect from December 13, 2019 and its name changed on January 28, 2020.

• TML Business Analytics Services Limited (a subsidiary of TML Business Services Limited) was incorporated on April 4, 2020.

• Automotive Skill Training Pvt. Limited voluntarily struck off with effect from April 18, 2019.

• Shareholding in Tata Motors (Thailand) Limited (TMTL) increased from 95.87% to 97.17% with effect from June 6, 2019. On July 31, 2018, the operations of TMTL were ceased and a CBU distribution model was introduced.

• Shareholding in Automobile Corporation of Goa Limited increased from 47.19% to 49.77% post Equity Share Buyback of 3,33,000 equity shares on November 15, 2019.

• Shareholding in Tata Technologies Limited (TTL) decreased by 0.014% to 70.38% on account of further allotment of 6,188 shares to other Shareholders on May 7, 2019 and later on, increased from 70.38% to 72.48% on account of Buyback of 12,46,665 Equity Shares from various Shareholders of TTL which concluded on February 28,2020. The holding in all the 12 subsidiaries of TTL is 72.48%.

• Lenny Insurance Limited (Name changed from InMotion Ventures 1 Limited with effect from September 6, 2019).

Transfer of Defence Undertaking to Tata Advanced Systems Limited: The Company proposes to transfer the Defence Undertaking pursuant to a Scheme of Arrangement as a going concern on a slump sale basis to Tata Advanced Systems Limited at an enterprise value of Rs 209.27 crores ('the Scheme'). During FY 2019-20, the Company has received requisite approvals from the shareholders and National Company Law Tribunal. The Scheme would be effective on filing the Scheme with the Registrar of Companies subsequent to meeting the pre-conditions prescribed in the Scheme.

There has been no material change in the nature of the business of the subsidiary companies.

The policy for determining material subsidiaries of the Company is available on the Company's website URL: https://investors.tatamotors. com/pdf/material.pdf

RISK MANAGEMENT

The Board takes responsibility for the overall process of risk management throughout the organisation. Through an Enterprise Risk Management programme, our business units and corporate functions address risks through an institutionalized approach aligned to our objectives. This is facilitated by corporate audit. The Business risk is managed through cross-functional involvement and communication across businesses. The results of the risk assessment are presented to the senior management.

The Risk Management Committee reviews business risk areas covering operational, financial, strategic and regulatory risks.

INTERNAL FINANCIAL CONTROL SYSTEMS AND ADEQUACY

The Company's internal control systems are commensurate with the nature of its business, the size and complexity of its operations and such internal financial controls with reference to the Financial Statements are adequate.

Refer MD&A para internal Control Systems and Their Adequacy for detail analysis.

HUMAN RESOURCES

Refer MD&A para Human Resources / industrial Relations for detail analysis.

DIVERSITY AND INCLUSION

Diversity and Inclusion at workplace helps nurture innovation, by leveraging the variety of opinions and perspectives coming from employees with diverse age, gender and ethnicity. The Company has organized a series of sensitisation and awareness campaigns, to help create an open mind and culture to leverage on the differences. The network of Women@Work and the Diversity Council has widened to location councils as we move along the journey. Women development and mentoring programme have increased, with clear focus on nurturing their career journeys, to help the Company build a pipeline of women leaders in near future.

The Company employed 6.14% women employees in FY 2019-20 visa-vis 5.44% in FY 2018-19.

PREVENTION OF SEXUAL HARASSMENT

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. Internal Complaints Committee ('ICC') is in place for all works and offices of the Company to redress complaints received regarding sexual harassment.

During the FY 2019-20, the Company organized 39 workshops to create awareness on this topic. 12 complaints on sexual harassment were received during the year. The investigation on 11 cases was completed and necessary actions have been taken. One complaint received in February 2020, is still being investigated, as the enquiry is on hold due to the COVID-19 pandemic.

Tata Motors Limited Employees Stock Option Scheme ('the Scheme')

During FY 2019-20, there has been no change in the Scheme. There were no Options granted or vested or any shares issued on vesting during the year. There were 5,89,530 options which got forfeited / lapsed during the year. The Scheme is in compliance with the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014. Appropriate disclosures prescribed under the said Regulations with regard to the Scheme are available on the Company's website URL: https://www.tatamotors.com/investors/ESOP/

PARTICULARS OF EMPLOYEES

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to the Report as Annexure-1.

Statement containing particulars of Top 10 employees and the employees drawing remuneration in excess of limits prescribed under Section 197 (12) of the Act read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Annexure forming part of this report. In terms of proviso to Section 136(1) of the Act, the Report and Accounts are being sent to the Shareholders, excluding the aforesaid Annexure. The said Statement is also open for inspection. Any member interested in obtaining a copy of the same may write to the Company Secretary. None of the employees listed in the said Annexure are related to any Director of the Company.

BUSINESS RESPONSIBILITY REPORT

Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the Business Responsibility Report (BRR) on initiatives taken from an environmental, social and governance perspective, in the prescribed format is available as a separate section of the Annual Report and is also available on the Company's website URL: https://www.tatamotors.com/investors/downtoad-tibrary/

SAFETY & HEALTH - PERFORMANCE & INITIATIVES

With continuation of Safety Excellence Journey at the Company, the Organisation has achieved Fatality Free Year 2019-20.

For FY 2019-20, the Company's 7 Manufacturing Plants in India, Safety Performance showed healthy improvement with total Recordable Case Frequency Rate ('TRCFR') being 0.40, against the target of 0.45 with the reduction of 33% over last year. Lost time injury frequency rate (LTIFR) for the Company's 7 plants in FY 2019-20 was 0.09 as against 0.1 last year.

Various proactive initiatives taken by the organisation which involves proactive monitoring of Leading indicators (atso known as Proactive Safety Index), introduction of focused training sessions on Risk Perception and Behaviour Based Safety & I-care, for Shop floor employees. Also, special focus was given on Driving and Road Safety. Training and Capabitity Buitding across organisation continued to be considered as a key etement of Safety Processes for att Emptoyees, Contractors and Vendors. The organisation achieved 6.3 Training manhours (up by 31%) per employee and 8.1 Training man-hours (up by 41%) per Contractor employee in 2019-20 for 7 Manufacturing Plants.

There is a robust governance mechanism for safety, heatth, environment & sustainability with Board tevet Safety, Health and Sustainability ('SHS') committee being an apex review body. The reviews happen at mutti tevets starting from quarterty review by SHS Committee of Board, to monthly reviews by BU Heads which percolates down to factory tevet by Apex committee, sub-committee and Factory Implementation committee. Also for Non-manufacturing areas, focused monthty reviews happen at regionat offices with Customer Service and Warehouse teams.

After COVID-19 infection cases appeared in India, the Company initiated a robust response to safeguard emptoyees at its plants, offices and warehouses. Social distancing and sanitization norms were estabtished as per Wortd Heatth Organisation (WHO) guidetines and comprehensive emptoyee awareness programmes were initiated. Post the commencement of lockdown, the Management has stayed in touch with the emptoyees through heatth surveys, virtuat meetings and social media platforms. The Management have also extended support to emptoyees and famities through 24 hour medicat hetptine.

SUSTAINABILITY

The Company has atways been conscious of the need to conserve energy in its Manufacturing Plants. This is achieved through optimized consumption of fossil fuels, improvements in energy productivity, teading to ctimate change mitigation and reduction in operationat costs. The Company is also signatory to RE100 - a collaborative, gtobat initiative of inftuentiat businesses committed to 100% renewabte etectricity.

In FY 2019-20 Company consumed 88.71 mittion units of renewabte etectricity in its operations (21.6% of totat power consumption), compared to 94.2 million units in FY 2018-19 (16.12% of total power consumption). The Company generates renewabte energy in-house through roof-top sotar PV, off-site captive wind farms and through procurement of off-site wind and sotar power through "Power Purchase Agreements" (PPA's).

In FY 2019-20 in-house RE capacity was enhanced by 2MWp Rooftop Sotar PV (photovottaic) instattation each at Lucknow and Pimpri Plants and 0.5MWp at Chinchwad Pune, 3.69 MWp Roof-top Sotar PV installation at Jamshedpur, and 1 MWp Roof-top Sotar PV instattation each at Pantnagar and Dharwad. In FY 2019-20 Company conserved a total of 8,65,566 m3 of water, which is 16.4% of total water consumption as compared to 13.8% in FY 2018-19. The Company continued its "Value from Hazardous Waste" initiative across Plants in FY 2019-20, aimed at diverting hazardous waste from tandfitt / incineration at approved sites and instead derive value from the same. This initiative aims to uttimatety achieve Rs Zero Waste to Landfitt' status from manufacturing operations. Specific hazardous waste sent to Authorised Treatment Storage & Disposat Facitities (tandfitt and incineration) was tower by 19.3% over FY 2018-19 and hazardous waste re-cycted increased by 13% over FY 2018-19.

CORPORATE SOCIAL RESPONSIBILITY

The brief outtine of the Corporate Sociat Responsibitity (CSR) Poticy of the Company and the initiatives undertaken by the Company on CSR activities during the year in the format prescribed in the Companies (CSR Poticy) Rutes, 2014 are set out in Annexure - 2 of this Report. The Poticy is avaitabte on Company's website at URL: https://investors. tatamotors.com/pdf/csr-poticy.pdf

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN ExCHANGE EARNING AND OUTGO

The information on conservation of energy, technotogy absorption and foreign exchange earnings and outgo stiputated under Section 134(3) (m) of the Act, read atong with Rute 8 of the Companies (Accounts) Rutes, 2014, is annexed herewith as Annexure - 3.

Extract of annual return

Pursuant to Sections 92 & 134(3) of the Act and Rute 12 of the Companies (Management and Administration) Rutes, 2014, the extract of Annuat Return in Form MGT-9 is provided in Annexure-4 to this Report and is atso avaitabte on the Company's website.

URL: https://www.tatamotors.com/investors/downtoad-tibrary/

DIRECTORS AND KEY MANAGERIAL PERSONNEL Appointment / Re-appointment

In accordance with provisions of the Act and the Artictes of Association of the Company, Dr Ratf Speth, Non-executive Director (DIN: 03318908) is tiabte to retire by rotation and is etigibte for re-appointment.

The disctosures required pursuant to Regutation 36 of the SEBI Listing Regutations and the SS- 2 on Generat Meeting are given in the Notice of Annuat Generat Meeting ('AGM'), forming part of the Annuat Report.

Independent directors

In terms of Section 149 of the Act and the SEBI Listing Regulations, Mr Om Prakash Bhatt, Ms Hanne Sorensen and Ms Vedika Bhandarkar are the Independent Directors of the Company as on date of this report.

ALL Independent Directors of the Company have given declarations under Section 149(7) of the Act, that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that couLd impair or impact their abiLity to discharge their duties with an objective independent judgement and without any external influence. The Independent Directors of the Company have undertaken requisite steps towards the inclusion of their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs, in terms of Section 150 read with Rule 6 of the Companies (Appointment and QuaLification of Directors) RuLes, 2014.

As reported in the previous year, Ms Vedika Bhandarkar (DIN:00033808) was appointed as Additional and Independent Director on the Board for a tenure of 5 years with effect from June 26, 2019. Pursuant to Section 161 of the Act, read along with Rules framed thereunder, the Members had vide Ordinary Resolution approved at the AGM heLd on JuLy 30, 2019, the appointment of Ms Bhandarkar as an Independent Director.

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fuLfiLL the conditions specified in the Companies Act, 2013 ('the Act') as well as the Rules made thereunder and are independent of the management.

Mr Nasser Munjee, Mr Vinesh Kumar Jairath and Ms Falguni Nayar completed their tenure as Independent Directors of the Company on JuLy 30, 2019. The Board had pLaced on record its appreciation for their vaLuabLe contribution and guidance during their tenure as Independent Director.

Key Managerial Personnel

In terms of Section 203 of the Act, the Key Managerial Personnel (KMPs) of the Company during FY 2019-20 are:

• Mr Guenter Butschek, Chief Executive Officer and Managing Director

• Mr Satish Borwankar, Executive Director and Chief Operating Officer*

• Mr Pathamadai Balachandran Balaji, Group Chief Financial Officer

• Mr Hoshang Sethna, Company Secretary

• Mr Borwankar, ED and COO superannuated on July 15, 2019. The Board of Directors had placed on record its appreciation for the invaluable contributions made by Mr Borwankar during his tenure.

CORPORATE GOVERNANCE

Pursuant to ReguLation 34 of the Listing ReguLations, Report on Corporate Governance aLong with the certificate from a Practicing Company Secretary certifying compliance with conditions of Corporate Governance is annexed to this Report.

MEETINGS OF THE BOARD

During the year, the Board of Directors met 7 times. For details, please refer to the Report on Corporate Governance, which forms part of this Annual Report.

COMMITTEES OF THE BOARD

The Committees of the Board focus on certain specific areas and make informed decisions in Line with the deLegated authority.

The following Committees constituted by the Board function according to their respective roLes and defined scope:

• Audit Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• Stakeholders' Relationship Committee

• Risk Management Committee

• Safety HeaLth and SustainabiLity Committee

DetaiLs of composition, terms of reference and number of meetings heLd for respective committees are given in the Report on Corporate Governance, which forms a part of this Report. Further, during the year under review, aLL recommendations made by the various committees have been accepted by the Board.

BOARD EVALUATION

The annual evaluation process of the Board of Directors, individual Directors and Committees was conducted in accordance with the provision of the Act and the SEBI Listing Regulations.

The Board evaluated its performance after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc. The performance of the Committees was evaLuated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc. The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India.

The Chairman of the Board had one-on-one meetings with the Independent directors and the Chairman of NRC had one-on-one meetings with the Executive and Non-Executive, Non-independent directors. These meetings were intended to obtain Directors' inputs on effectiveness of the Board/Committee processes.

The Board and the NRC reviewed the performance of individual Directors on the basis of criteria such as the contribution of the individual Director to the Board and committee meetings Like preparedness on the issues to be discussed, meaningfuL and constructive contribution and inputs in meetings, etc.

In a separate meeting of independent directors, performance of NonIndependent Directors and the Board as a whoLe was evaLuated. AdditionaLLy, they aLso evaLuated the Chairman of the Board, taking into account the views of Executive and Non-executive Directors in the aforesaid meeting. The Board also assessed the quality, quantity and timeliness of flow of information between the Company management and the Board that is necessary for the Board to effectively and reasonably perform their duties. The above evaluations were then discussed in the Board meeting and performance evaluation of Independent directors was done by the entire Board, excLuding the Independent Director being evaLuated.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

Refer CG Report para on Familiarisation Programme for detail analysis.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Company's policy on Directors' appointment and remuneration and other matters provided in Section 178(3) of the Act (salient features) has been briefly disclosed hereunder and in the Report on Corporate Governance, which is a part of this Report.

Selection and procedure for nomination and appointment of Directors

The Nomination and Remuneration Committee ('NRC') is responsible for developing competency requirements for the Board based on the industry and strategy of the Company. The Board composition analysis reflects in-depth understanding of the Company, including its strategies, environment, operations, financial condition and compliance requirements.

The NRC conducts a gap analysis to refresh the Board on a periodic basis, including each time a Director's appointment or re- appointment is required. The NRC reviews and vets the profiles of potential candidates vis-a-vis the required competencies, undertakes due diligence and meeting potential candidates, prior to making recommendations of their nomination to the Board.

Criteria for determining qualifications, positive attributes and independence of a Director

In terms of the provisions of Section 178(3) of the Act, and Regulation 19 of the SEBI Listing Regulations, the NRC has formulated the criteria for determining qualifications, positive attributes and independence of Directors, the key features of which are as follows:

• Qualifications - The Board nomination process encourages diversity of thought, experience, knowledge, age and gender. It also ensures that the Board has an appropriate blend of functional and industry expertise.

• Positive Attributes - Apart from the duties of Directors as prescribed in the Act the Directors are expected to demonstrate high standards of ethical behaviour, communication skills and independent judgment. The Directors are also expected to abide by the respective Code of Conduct as applicable to them.

• Independence - A Director will be considered independent if he / she meets the criteria laid down in Section 149(6) of the Act, the Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations.

The Directors affirm that the remuneration paid to Directors, KMPs and employees is as per the Remuneration Policy of the Company.

The said policy is also available on the Company's website URL: https://investors.tatamotors.com/pdf/directors-appointment- remuneration.pdf

VIGIL MECHANISM

The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behaviour. In line with the Tata Code of Conduct ('TCOC'), any actual or potential violation, howsoever insignificant or perceived as such, would be a matter of serious concern for the Company. The role of the employees in pointing out such violations of the TCOC cannot be undermined.

Pursuant to Section 177(9) of the Act, a vigil mechanism was established for directors and employees to report to the management instances of unethical behaviour, actual or suspected, fraud or violation of the Company's code of conduct or ethics policy. The Vigil Mechanism provides a mechanism for employees of the Company to approach the Chairperson of the Audit Committee of the Company for redressal. No person has been denied access to the Chairperson of the Audit Committee. In addition to the above, the employee also has an option to approach the Chief Ethics Counsellor (CEC).

The policy of vigil mechanism is available on the Company's website at URL: https://investors.tatamotors.com/pdf/whistle-blower-policy.pdf

AUDIT

Statutory Audit

M/s B S R & Co. LLP, Chartered Accountants (ICAI Firm No. 101248W/ W-100022), the Statutory Auditors of the Company, hold office until the conclusion of Seventy Seventh AGM to be held in the year 2022. Pursuant to Section 141 of the Act, the Auditors have represented that they are not disqualified and continue to be eligible to act as the Auditor of the Company.

The requirement to place the matter relating to appointment of auditors for ratification by Members at every AGM has been done away by the Companies (Amendment) Act, 2017 with effect from May 7, 2018. Accordingly, no resolution is being proposed for ratification of appointment of statutory auditors at the ensuing AGM. The Statutory Auditors were present in the last AGM.

The Report of the Statutory Auditor forming part of the Annual Report, contains an emphasis of matter on the managerial remuneration paid to the CEO and Managing Director of the Company, amounting to Rs 16.48 crores for the financial year, exceeds the prescribed limits under Section 197 read with Schedule V to the Companies Act, 2013 by Rs 11.82 crores.

The management's response is as follows:

For the year under review, Mr Guenter Butschek, CEO and Managing Director, was paid managerial remuneration of Rs 16.48 crores, as per the terms of his appointment for a tenure of 5 years effective February 15, 2016, as agreed with him and also as approved by the members vide special resolution at the AGM held on August 9, 2016. In furtherance to the said members' approval and pursuant to the provisions of Section 197 read with Schedule V of the Act, members' approval is now being sought for (a) ratifying the payment of Minimum Remuneration to Mr Butschek due to losses incurred during the year under review and the consequent waiver of recovery of a part of the minimum remuneration that is in excess of the prescribed limit; and (b) for payment of Minimum Remuneration to Mr Butschek, in case of inadequacy of profits for FY 2020-21. Members attention is drawn to item nos. 4 and 5 of the Notice of AGM, forming part of the Annual Report.

The Report of the Statutory Auditor forming part of the Annual Report on Internal Financial Controls, also contains a qualification, related to preservation of documentary evidence of the input/output parameters used in extracting system generated reports to validate the controls over the completeness and accuracy of information used in the performance of various process Level and management review controls.

Statutory Auditors have considered the material weakness identified in determining the nature, timing and extent of audit tests applied in their audit of the March 31, 2020, standalone financial statements of the Company, and the material weakness does not affect their opinion on the standalone financial statements of the Company.

The management's response is as follows:

During FY 2019-20, we conducted an assessment of the effectiveness of the Internal Control over Financial Reporting and have determined that our Internal Control over Financial Reporting as at March 31, 2020 is not effective for Tata Motors Limited, related to preservation of documentary evidence of the input/ output parameters used in extracting system generated reports, to validate the completeness and accuracy of information used in various process Level and management review controls. These reports could potentially cause the financial information/disclosure in the financial statements to be materially misstated if not reviewed carefully. However, the material weakness did not result in material misstatements to the annual financial statements.

The Statutory Auditor's report does not contain any other qualifications, reservations, adverse remarks or disclaimers.

Branch Audit

Members' approval is being sought vide item No. 6 of the Notice, for authorizing the Board of Directors to appoint Branch Auditors for the purpose of auditing the accounts maintained at the Branch Offices of the Company abroad.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Director appointed M/s Parikh & Associates, (Registration No. - P1988MH009800), a firm of Company Secretaries in Practice to conduct the Secretarial Audit of the Company for year ended March 31, 2020. The Report of the Secretarial Audit is annexed herewith as Annexure - 5. The said Secretarial Audit Report does not contain any qualifications, reservations, adverse remarks or disclaimers.

Cost Audit

As per Section 148 of the Act, the Company is required to have the audit of its cost records conducted by a Cost Accountant. The Board of Directors of the Company has on the recommendation of the Audit Committee, approved the appointment of M/s Mani & Co., a firm of Cost Accountants in Practice (Registration No.000004) as the Cost Auditors of the Company to conduct cost audits for relevant products prescribed under the Companies (Cost Records and Audit) Rules, 2014 for the year ending March 31, 2020. The Board on recommendations of the Audit Committee have approved the remuneration payable to the Cost Auditor, subject to ratification of their remuneration by the Members at the forthcoming AGM. Please refer to item no.7 of the Notice.

M/s Mani & Co. have, under Section 139(1) of the Act and the Rules framed thereunder furnished a certificate of their eligibility and consent for appointment.

The cost accounts and records of the Company are duly prepared and maintained as required under Section 148(1) of Act.

OTHER DISCLOSURES

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/ arrangements/ transactions entered by the Company during the FY 2019-20 with related parties were on an arm's length basis and in the ordinary course of business. There were no material related party transactions (RPTs) undertaken by the Company during the year that require Shareholders' approval under Regulation 23(4) of the SEBI Listing Regulations or Section 188 of the Act. The approval of the Audit Committee was sought for all RPTs. Certain transactions which were repetitive in nature were approved through omnibus route. All the transactions were in compliance with the applicable provisions of the Act and SEBI Listing Regulations.

Given that the Company does not have any RPTs to report pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2, the same is not provided. The details of RPTs during FY 2019-20, including transaction with person or entity belonging to the promoter/ promoter Group which hold(s) 10% or more shareholding in the Company are provided in the accompanying financial statements.

During the FY 2019-20, the Non-executive Directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees and reimbursement of expenses, as applicable.

The Policy is available on the Company's website URL: https:// investors.tatamotors.com/pdf/rpt-policy.pdf

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

As per Section 186, the details of Loans, Guarantees or Investments made during FY2019-20 are given below:

(Rs in crores)
Name of Companies Nature of Transactions Loans Investment
TMF Holdings Limited Equity Infusion - 150.00
TMF Holdings Limited Call option exercised for Compulsorily convertible preference shares: Series B 304.00
Brabo Robotics and Equity Infusion - 13.00
Automation Limited
Tata Hispano Carrocera Loan 7.78 -
TPI Singapore Loan SGD 1,00,000 -
Tata Motors European Technical Centre PLC Loan GBP 22,50,000 -
Tata Motors European Technical Centre PLC Loan GBP 20,00,000 -

During FY 2019-20, the Company has not given guarantee to any of its subsidiaries, joint ventures, associates companies and other body corporates and persons.

DEPOSITS FROM PUBLIC

The Company has not accepted any deposits from public during the year under review, and as such, no amount of principal or interest on deposits from public was outstanding as on the date of the balance sheet, except for unclaimed and unpaid deposits pertaining to previous years.

DIRECTORS' RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory, cost, secretarial auditors and external agencies, including audit of internal controls over financial reporting by the Statutory Auditors and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during FY 2019-20.

Accordingly, pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures;

b) they have selected such accounting policies and have applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the loss of the Company for that period;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) they have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively

f) they have devised proper systems to ensure compliance with to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

Refer MD&A para on 'Internal Control Systems and their Adequacy' for detail analysis.

SECRETARIAL STANDARDS

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

DIVIDEND DISTRIBUTION POLICY

Pursuant to Regulation 43A of SEBI Listing Regulations, the Board of Directors of the Company have formulated a Dividend Distribution Policy ('the Policy').

The Policy is annexed to this Report as Annexure - 6 and is also available on the Company's website URL: https://investors.tatamotors. com/pdf/dividend-distribution-policy.pdf

INVESTOR EDUCATION AND PROTECTION FUND

Refer CG Report para on 'Transfer of unclaimed / unpaid amounts / shares to the Investor Education and Protection Fund (IEPF)' for detail analysis.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

• There are no significant material orders passed by the Regulators or Courts or Tribunal, which would impact the going concern status of the Company and its future operation. However, Members attention is drawn to the Statement on Contingent Liabilities and Commitments in the Notes forming part of the Financial Statement.

• No fraud has been reported by the Auditors to the Audit Committee or the Board.

• There has been no change in the nature of business of the Company.

ACKNOWLEDGEMENTS

The Directors wish to convey their appreciation to all of the Company's employees for their contribution towards the Company's performance. The Directors would also like to thank the shareholders, employee unions, customers, dealers, suppliers, bankers, governments and all other business associates for their continuous support to the Company and their confidence in its management.

On behalf of the Board of Directors

Nchandrasekaran
Chairman
Mumbai, June 15, 2020 (DIN: 00121863)

   

Tata Motors Ltd Company Background

N ChandrasekaranGuenter Butschek
Incorporation Year1945
Registered OfficeBombay House,24 Homi Mody Street Fort
Mumbai,Maharashtra-400001
Telephone91-22-66658282,Managing Director
Fax91-22-66657799
Company SecretaryH K Sethna
AuditorBSR & Co LLP
Face Value2
Market Lot1
ListingBSE,London,Luxembourg,MSEI ,New York,NSE,
RegistrarTSR Darashaw Consultants P Ltd
C-101 1st Floor ,247 Park Vikhroli W ,Lal Bahadur Marg ,Mumbai - 400 083

Tata Motors Ltd Company Management

Director NameDirector DesignationYear
Ratan N Tata Chairman Emeritus 2020
N Chandrasekaran Chairman 2020
Guenter Butschek Managing Director & CEO 2020
H K Sethna Company Secretary 2020
Om Prakash Bhatt Independent Director 2020
Hanne Birgitte Sorensen Independent Director 2020
Vedika Bhandarkar Independent Director 2020
Mitsuhiko Yamaashita Additional Director 2020
Thierry Bollore Additional Director 2020
Kosaraju Veerayya Chowdary Additional Director 2020

Tata Motors Ltd Listing Information

Listing Information
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
CNX500
BSEAUTO
CNX100
CNXAUTO
CNX200
BSEGREENEX
NFTALPHA50
BSECARBONE
NFT100EQWT
BSEALLCAP
BSELARGECA
INDUSTRIAL
BSEMANUFAC
SENSEX50
ESG100
LMI250
NFT50EQWT
BSE100LTMC

Tata Motors Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Vehicles-Light Medium & HCV NA 00036583.83
Vehicle Spare Parts NA 0004505.79
Others NA 0001927.98
Sale of services NA 000468.16
Other Operating Income NA 000442.41
Elect.Comparator/Weigh Instr. No 0000
Sales NA 0000
Finance Revenues NA 0000
Income from Services NA 0000
Hire Purchase/Loan Contracts Rs.0000
Income from transfer of tech. NA 0000
Income from Vehicle Loan ContrNA 0000
Manufactured Comp. for Sale Rs.0000
Motor Vehicles for 10+ People No 0000
Vehicles More than 10 people PNo 0000
Motor car & Vehicle Less 10 PeNo 0000
Export Incentives Rs.0000
Scrap NA 0000
SG/Grey Iron Semis by CC PrcesMT 0000
Castings NA 0000
Castings-SG Iron MT 0000
Engines-Diesel-Indl.Appliance No 0000
Wind mill Power Generation Kwh0000
Wind mill Power Generation MW 0000
Encoder & readout-Rotary No 0000
Automobiles-LCV/HCV No 0000

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