Tata Motors subsidiary Jaguar Land Rover (JLR) is contemplating setting up a manufacturing base in the kingdom of Saudi Arabia. In another development, this news sent Tata Motors stock soaring to a 52 week high.
Yesterday, precisely at 09:55 a; Tata Motors was trading 2.1 per cent higher at Rs 409. It hit a low of Rs 404.70 and a 52-week high of Rs 411.30 in trade.
In a forum meeting jointly organised by the Federation of Indian Chambers of Commerce and Industry and the council of Saudi chambers, Tawfig Fawzan Alrabiah commerce and industry minister Saudi Arabia said, “ The proposed plant would be the third largest for manufacturing of high-end Jaguar and Land Rover cars.”
Tata Consultancy Services (TCS) and Tata Steel group companies of the Tata group have are also having noteworthy business engagements in Saudi Arabia and are intending to develop it further. In December 2012, JLR had inked a deal with the National Industrial Clusters Development Program in Saudi Arabia for purchasing aluminium to be used in its vehicles. Although, JLR have been tight-lipped on this development and the aforementioned quote is a giveaway of their future plans. Watch this space for more on this deal.