Corporate India congratulates Tata on JLR deal

New Delhi, Mar 26 (UNI) Corporate India today hailed the 2.3 billion dollar acquisition of Jaguar and Land Rover (JLR) by the Tata's as a landmark agreement where the strong urge on part of the Tata's to compete with global peers has resulted in major outbound deals.

''The Tata Jaguar agreement is once again a landmark in the march of Indian businesses. Done in a calm, transparent, ethical manner, it reflects the essence of the Tata philosophy. Kudos to Tata's for this leap ahead,'' said Confederation of Indian Industry (CII) Director General Lt Gen S S Mehta in a statement.

Industry chamber Assocham has also complimented the Tata's on the successful acquisition of Jaguar and Land Rover and said in a statement that the ''very transparent and business like manner of Tata's needed to be complimented.'' In a statement issued here, Assocham President Venugopal N Dhoot said Indian industry has been doing an extremely good job in acquiring foreign assets but the way Tata's did, have made India proud.

Society of Indian Automobile Manufacturers Dilip Chenoy congratulated Tata's and said ''It is a good development for India and Indian automotive industry.'' Industry chamber Ficci has hailed Tata's takeover of Jaguar and Rover brands.

''This is a major landmark for Indian industry and a turning point in achieving quality and projecting brand - as the Jaguar and Rover represent some of the highest brand values,'' Ficci said in a statement.

The acquisition of Jaguar and Rover has been a culmination of a process of acquisition overseas by Indian corporates, it added.

The chamber said that this has been possible because of the very sound performance of the Indian companies on their home turf, which has given them the financial muscle, technical and management expertise to navigate through complex deals and wrap them up.

''Without their strong domestic performance, companies could not have undertaken two such ambitious deals, as take over of Corus Steel or acquisition of Jaguar and Rover brands,'' the statement said.

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