India's top vehicle maker TATA Motors has selected a partner to build an assembly plant for its luxury British car brands Jaguar and Land Rover in China.
Mr C Ramakrishnan TATA Motors finance chief told reporters that "We are waiting for the necessary regulatory approvals.”
He added that "An announcement will be made very soon.”
China has emerged as a key market for Jaguar and Land Rover, whose sales in Europe remain weak due to the current economic uncertainty.
Earlier this month, TATA Motors announced a 41% jump in quarterly net profit of INR 34.06 billion (USD 681 million) for the three months to December, thanks to strong sales of Jaguar and Land Rover. TATA Motors, which also makes the world's cheapest car, the Nano, bought Jaguar and Land Rover from US Ford Motor Co in 2008 for USD 2.3 billion as part of its plans to expand beyond Asia.
In recent years India and China have emerged as key markets for global automakers, as car sales in most developed countries have slumped. Government stimulus packages, along with cheap financing and new models, have helped drive demand among increasingly well off consumers in India and China.
Sourced from steelguru.com