Tata Motors Group warns against Brexit; seeks clarity

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Mumbai, July 5 (IANS) Tata Motors Group, which owns Britain based luxury brand Jaguar Land Rover (JLR), on Thursday warned against the uncertainties arising out of the country’s exit from the European Union (Brexit).

The reiteration comes after JLR said that Brexit which increases bureaucracy, reduces productivity and competitiveness of the British industry is in no one’s interest.

Tata Motors’ scrip on the BSE closed Thursday’s trade lower by 2.06 per cent to Rs 261.50 per share from its previous close of Rs 267.

According to the group, clarity on the issue has been sought to ensure that industry takes timely and right decisions to manage the transition.

“Jaguar Land Rover and Tata Motors have always maintained that the uncertainties from Brexit are avoidable and the business seeks clarity to ensure that industry takes timely and right decisions to manage the transition,” P.B. Balaji, Chief Financial Officer, Tata Motors Group was quoted as saying in a statement.

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“Additionally, Jaguar Land Rover needs free and full access to the single market beyond transition to remain competitive which we also firmly believe is in the best long term interests of the United Kingdom.”

Balaji added: “As this worst case Brexit scenario is just one of the many possibilities, our plans which were shared at the JLR analyst meet in the UK did not factor them and we continue to stand by what was shared.

“In the meanwhile, JLR will continue to work with government to secure the right free trade deal for the country, economy and industry.”

–IANS

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