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.