Tata Motors Commercial Vehicles listing: Tata Sons Chairman N. Chandrasekaran on Wednesday described the listing of Tata Motors Commercial Vehicles as a “pivotal moment” in the company’s journey as well as the automotive industry. Tata Motors was listed in the commercial vehicles market after the completion of the divestment of Tata Motors and its splitting into two independently listed entities.
“This is really a significant moment, a significant milestone, a defining moment, both for Tata Motors and the automotive industry,” Chandrasekaran said at the listing ceremony of Tata Motors Commercial Vehicles on BSE.
Chairman gave information
Shares of Tata Motors’ commercial vehicles unit opened at Rs 335 on NSE, up 28.48 per cent from its quoted price. It was listed on BSE at Rs 330.25 with a gain of 26.09 percent. The market valuation of the company on NSE stood at Rs 1,22,345.46 crore. The split of Tata Motors became effective from October 1. Describing Tata Motors as an “iconic” company, he said that it is very difficult to make structural changes in such a company.
He said, “First of all, the people of the company passionately believe that this is a good and strong company and we should not interfere in it. The other group would also have an opinion, a view that this is a reputable company. Therefore, it is always very difficult to make changes in a company which has been in existence for a very long time and which is considered to be a reputed company.” He said that the division of Tata Motors was being considered since 2017-18 but due to the Covid-19 global pandemic, the plan got disrupted.
Later work on the partition plan was started again. Chandrasekaran said, “We had to ensure that both the companies function properly and both the companies have to be very strong.” He said that the target markets of the two separated companies are different, “We have made the company debt free, which has allowed them to be very bold.” On the Iveco deal, he said, “Hopefully we will complete this transaction in the next few months.”
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