Tata Motors to invest Rs 28,900 crore in JLR, domestic business in FY22: Chairman
The company will also look to raise capital separately for its electric vehicles business
Tata Motors group’s investment for this fiscal is pegged at Rs 28,900 crore, mostly for its British arm Jaguar Land Rover (JLR), chairman N Chandrasekaran said on Friday.
The company will also look to raise capital separately for its electric vehicles (EV) business at an appropriate time. It is looking to have 25% of its sales coming from EVs in the medium to long term, up from 2% at present, he said while addressing the company’s virtual AGM.
“For FY21 it was Rs 19,800 crore. For FY22 the plan is Rs 28,900 crore, that is basically 2.5 billion pounds for JLR on an annual basis and Rs 3,000 crore to Rs 3,500 crore for Tata Motors,” he said.
Stating that the company is investing in hydrogen fuel cell vehicles, he said, “We are investing in hydrogen. And in fact, we got the first order from Indian Oil for 15 vehicles, and we have a lot of work going on in the hydrogen fuel cell area.”
“We already have produced seven such vehicles but we have orders for 15 vehicles but it is all in the trial stage and we need to have a long term plan. We are working on it,” he added.
On EVs, Chandrasekaran said Tata Motors has “a very ambitious goal” and is eyeing “at least 25%” of sales coming from the segment in the medium to long term, up from over 2% currently.
“We will be launching at least 10 models before 2025. So, we have aggressive growth plans and towards that, we will also do a capital raise for the EV segment alone at the appropriate time,” he said, adding the company will also very soon launch an EV platform for the last mile commercial vehicles segment.