The $100-billion Tata Group chairman Ratan Tata on Friday sought the support of group's shareholders to his successor Cyrus P Mistry, who will take over the mantle of the salt-to-software giant in December.
"Cyrus Mistry has all the qualities and values to take the Tata Group in the direction that it has continued in all these years," Tata told the annual general meeting of its flagship company Tata Motors.
Seeking the support and encouragement of the shareholders for Mistry, Tata said, "I want you to extend the same sort of support and encouragement that you have given to me all these years, to Mistry as well."
Thanking the Tata Motors' shareholders, as this is his last AGM of the company as the chairman, Tata said, "Let me express my deep appreciation and thanks to all employees and shareholders. Without you, the company wouldn't have achieved this success."
Tata said, Tata Motors, which is the largest auto company in the country, apart from being the fourth largest commercial vehicle-maker in the world, will have to single-mindedly retain and protect its market position across all segments.
"Failure to do so will see us slipping," he warned and said, "I hope the employees will rise to the occasion in spirit to meet the needs of the changing times."
On his prized buy JLR, which helped the company post an over 12 per cent rise in the net income in the June quarter, despite a 49 per cent plunge in the net profit of the domestic business of Tata Motors, Tata said, the company is introducing very competitive range of commercial vehicles, which can compete admirably with international CV makers like Merc, Volvo, Navistar.
On the much talked about 2-seater sports car from the Jaguar Land Rover stable, Tata said, "The JLR board has approved a new small high-performance engine development plan."
He also hinted at the likelihood of co-producing the small high performance JLR engine in the country.
Yesterday, Tata Motors Group reported a 12 per cent spike in the net income on a whopping 91 per cent rise in JLR sales in the China region, despite a 49 per cent dive in Tata Motors India net.
Helped by a 91 per cent increase in sales in China saw the JLR putting up good performance, helping the country's largest auto company report a 12.26 per cent increase in net income at Rs 2,244.91 crore against Rs 1,999.62 crore a year ago as consolidated revenue vroomed 30 per cent to Rs 43,324 crore.
However, Tata Motors India continued its downward spiral, both in sales as well as net income, with revenue sliding 9 per cent to Rs 10,586 crore from Rs 11,624 crore, in the reporting quarter, while net income plunged Rs 49 per cent to Rs 205 crore from Rs 401 crore.
The JLR, which the Tatas bought for $2.3 billion early 2008, has been the automaker's main profit driver in the recent quarters, thanks to strong demand for Jaguar luxury saloons and sporty Land Rover cars, particularly from China and Russia, which helped it offset slowing domestic sales.
RECOMMENDED FOR YOU
POPULAR