Fighting economic downturn in Europe, TATAs are working to lower costs at its Jaguar Land Rover and steel operations there including a possible sale of any piece of business but the outgoing group chairman Mr Ratan Tata said that "Will try not to cut any jobs"
The salt-to-software conglomerate's head also took on those who criticise the group's prized acquisitions of JLR and Corus as "stupid moves" due to huge cash outgo involved and said they seem to forget that an economic downturn happened soon after these takeovers.
Mr Tata told PTI in an interview that in ".... The steel company is really suffering because of the downturn in Europe and the UK. All we are trying to do now is to reduce our cost base so that when we come out of that recession we will have a leaner company. In the case of JLR, we are also told the same thing, it was a stupid thing you did because after we bought the company we infused more working capital into the company than the cost of the company."
He said that things have changed since then and "Jaguar and Land Rover are today doing very well."
Talking about the need to cut costs in its operations in Europe, Mr Tata said that "We are trying not to have a (job) reduction, we are trying to reduce cost by rationalising units and if we can reduce cost by selling off any piece of business as we did last year."
He said that "We sold off the slab making activity to a Thai company where the jobs get saved. We have been trying to do that, which why job losses have been somewhat small."
