JLR, Chery Automobile seek Chinese approval for $2.78 bn venture

05 Mar 2012

1

Jaguar Land Rover (JLR) and china's Chery Automobile Co are seeking regulatory approval for a $2.78-billion (17.5 billion yuan) joint venture in China, Reuters today reported, citing citing two sources with direct knowledge of the deal.

The deal comes after nearly two years of on-and-off negotiations between Tata Motors's UK subsidiary (JLR) and China's state-owned Chery Automobile.

The joint venture will make Land Rover SUVs initially, followed by Jaguars in the second phase, in China Reuters said citing a source.

"The plan is still subject to the approval of the National Development and Reform Commission at this stage. The size of the investment could be adjusted accordingly," another person said.

Last month, C Ramakrishnan, chief financial officer at Tata Motors, told reporters that JLR has already selected a partner for assembling cars in China, but did not identify the partner and refused to elaborate further.

But according to some Chinese media reports, Tata Motors has concluded talks with Chery, China's seventh-largest automaker by production. (See: Tata Motors picks China's Chery Automobile as partner for JLR)

Latest articles

India's industrial production records 5% growth in January 2025

India's industrial production records 5% growth in January 2025

Reliance Jio ties up with SpaceX to offer Starlink’s satellite broadband services in India

Reliance Jio ties up with SpaceX to offer Starlink’s satellite broadband services in India

India’s consumer price inflation at a 7-month low of 3.61% in February

India’s consumer price inflation at a 7-month low of 3.61% in February

Sweden’s top EV battery maker Northvolt files for bankruptcy

Sweden’s top EV battery maker Northvolt files for bankruptcy

India’s telephone subscriber base estimated at 1,189.92 million at end-December 2024

India’s telephone subscriber base estimated at 1,189.92 million at end-December 2024

Sun Pharma to acquire oncology therapy company Checkpoint in US

Sun Pharma to acquire oncology therapy company Checkpoint in US

ECB cuts rates by 25 bps, leaves little space for further cuts

ECB cuts rates by 25 bps, leaves little space for further cuts

India’s 2024-25 foodgrain production estimated at 330.9 million tonnes

India’s 2024-25 foodgrain production estimated at 330.9 million tonnes

India has thousands of fake websites churning out millions of counterfeit KYC documents: study

India has thousands of fake websites churning out millions of counterfeit KYC documents: study

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers