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May 30, 2000
BUDGET 2000 |
TELCO keen to tie up with global firms
Tata Engineering & Locomotive Company Limited, or TELCO, India's largest automaker, is exploring marketing alliances with global automobile firms, its chairman said on Tuesday. "What I have said in earlier meetings also is that having entered into the car arena, we cannot be a single product company," Ratan Tata told an analysts meet. "We have been in talks with several car companies for product swaps." TELCO late on Monday unveiled lower earnings for the year ended March 31, 2000. "We may seek alliances with other companies so that we may swap products," he said. TELCO, India's largest truck maker, made a foray in the small car market a year ago with the launch of Indica cars. Investments in the car project hit profitability in 1999-2000. TELCO's net profit fell to Rs 712.0 million ($ 15.98 million) from Rs 974.6 million in 1998-99, while net sales grew to Rs 87.92 billion from Rs 65.43 billion. "One of the issues we have to do and do it fast is grow from one product," Tata said. "Alliances are going to be important for us." He said swapping products was something which was increasingly being done across the world. In response to a specific question, Tata said TELCO was in talks with German-US automaker DaimlerChrysler AG for product swaps. He said Chrysler had shown interest in the Indica car. "They have some interesting products for us," Tata said. Replying to a question on TELCO's plan to come out with a mid-sized car, Tata said: "It would probably be fair to say it would be a 24-month period before we have such a product in the market."
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