A year of big losses for TATA

This 2008 A year of big losses for Tata group!!!

1. The terror attacks at the Taj Mahal Hotel, at the peak of the earnings season.
2. Slowdown in the economy has put the brakes on production at Tata Motors.
3. Tata Nano project also was hit hard as it had to shift its location from Singur in West Bengal to Sanand in Gujarat.
4. Tata-Corus

Taj Mahal Hotel

The attacks are likely to hit the hotel's revenues for at least two years.
The restoration of Taj Mahal Palace would take about 12 months. It is estimated that it would take Rs 500 crore to restore the Taj back to its old glory. The loss of arising from interruption of business for Taj is expected to be Rs 300 crore for a year.While the hotel has been insured for losses arising from terrorism and business interruption.

Tata Motors

Tata Motors shut its Pune plant for 12 days this month.
The company had also shut the commercial vehicles production for 12 days at its Jamshedpur plant.Tata Motors sales is declined heavily.
The company which is under pressure to finance its $2.3 billion purchase of Jaguar and Land Rover (JLR), is looking to borrow from public, offering up to 11 per cent annual interest for a period of up to three years.

Tata Motors is slashing 3,000 temporary jobs at its Pune factory. Most of the temporary employees at its Jamshedpur plant have also been asked to quit.

Tata Nano

Tata Nano, the world's cheapest car, was to roll out from Singur this year. But the farmers' agitation supported by political parties made it impossible for the Tatas to continue in Singur.Tata Motors had spent about Rs 1,500 crore for setting up the project at Singur.Now he Tata Nano is expected to hit the roads in 2009.

Tata-Corus(Tata Steel)

Tata-Corus has also announced job cuts in the UK and the Netherlands, employing around 2,200 people.They has also cut 400 jobs in its distribution business in the wake of the global economic meltdown.The company has put into effect several cost cutting measures.