JLR may cut up to 5,000 jobs in the UK as a part of its cost-cutting plan: Media report

According to BBC, management, marketing and administrative roles could be hit the hardest

Jan 10, 2019 03:01 IST India Infoline News Service

British luxury carmaker, Jaguar Land Rover (JLR), owned by India’s Tata Motors Limited (TML), could cut up to 5,000 jobs in the UK, according to a report by BBC. The job cuts are a part of the £2.5bn cost reduction efforts that the company is currently undertaking, for a two-year period.

According to media sources, JLR has hired Boston Consulting Group (BCG) to advise on the turnaround plan. Management has targeted £2.5bn of cost, cash and profit improvements through FY20, led by – i) slashing investments by £500mn each to £4bn in FY19 and FY20, ii) £500bn through inventory rationalization and working capital reduction and iii) £1bn of profit and cost actions.

Tata Motors Ltd ended at Rs183.10 up by Rs3.75 or 2.09% from its previous closing of Rs179.35 on the BSE. The scrip opened at Rs181.90 and touched a high and low of Rs183.90 and Rs180.30 respectively. A total of 1,91,73,147 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs57,797.28cr.

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