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| Tata defends JLR, Corus buys as strategic, worthwhile |
| Press Trust of India / New Delhi Nov 18, 2009, 19:53 IST |
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 The Tata Group Chairman Ratan Naval Tata has termed the acquisitions of the British marquees Jaguar Land Rover (JLR) as 'strategic' and 'worthwhile' and said the company will strive to bring the old glory of the brands.
He also said that JLR is likely to continue importing into the country rather than setting up an assembly line here.
In an interview to The Wall Street Journal, the 71-year old Tata Group patriarch said, "If we assume that the global meltdown is a phenomenon that will be over in the near term, I think we will look back and say that these (JLR & Corus buys) are very strategic and worthwhile acquisitions."
The Tatas had acquired JLR from Ford Motor for $2.3 billion last year. The salt-to-software conglomerate had pumped more than 1.2 billion pound into these iconic British brands since then to keep the plants running amid declining sales. It bought Corus Steel for close to $13 billion three years ago.
"There were many questions raised regarding whether these two large acquisitions -- Corus and JLR -- are worthwhile and whether the prices were right in terms of being at the top of the market, virtually. My view on that is that if you want to buy a house and that house is of a particular value, then it may not be there if you wait," Tata said.
He said the JLR acquisition gave the Tatas international brands which would have otherwise taken "many years and billions of dollars" to establish in foreign markets.
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