Synopsis for Ph.

D Registration
TopicImpact of Liberalization on Wages and
Employment in Indian Manufacturing
Industries With Special Reference to
Tata Motors.

Submitted
by
Rabindra Prasad keshari

Under the Guidance of

Dr. Neelima Herenz
Reader, Deptt. Of Commerce
Ranchi Womens College
Ranchi University
Ranchi

TOPIC
Impact of Liberalization on Wages
and
Employment
in
Indian
Manufacturing Industries With Special
Reference to Tata Motors.
INTRODUCTION
As developing economies liberalize their policies in an
attempt to integrate with the rest of the world, one of
the critical issues that need to be addressed by their
governments is the social costs of liberalization. A
direct manifestation of these social cost is the impact of
liberalization on labour markets, which may work
through its impact on wages and employment. The
economic theory suggests that three important
components of liberalization, i.e., FDI, Trade and
Imported technology may raise labour productivity in
the developing economies but these components may
have differential impact on their wages and
employment. Higher presence of FDI in developing
countries
is
generally
associated
with
lower
employment but higher wages. While, higher trade has
mostly been associated with higher employment but
lower wages. However, given the differences in the
labour laws across countries, these effects have been
found to be mainly country specific. In particular, for
the Indian economy we find that one of the unique
characteristics of the Indian labour market is its
dualistic nature where a large unorganized sector
coexists with the organized sector. There are many
regulations in India that apply only to the"organised
2

sector"1 and some of these regulations are considered

to be especially constraining to the employers leading
to rigidities in labour markets.

1. The "organized sector" in India is defined by the size of establishment in terms of

number of workers.

Three such types of regulations are:

1. Fairly stringent rules closing down of enterprises,

along with the requirements of reasonable
compensation for retrenchment;
2. Laws governing the use of temporary or casual
labour enforce permanence of contract after a
specified time of employment;
3. Minimum wage legislation exists, which raises the
cost of hiring workers and leads to downward
inflexibility in wages.
The neo-liberal argument regarding these regulations
are that these rules put undue pressure on larger
employers and prevent smaller firms from expanding
even when the economics of their situation demand it.
This creates a dualistic set-up in which the "1 organized
sector" in India is defined by the size of establishment
in terms of number of workers. Organized or formal
sector necessarily remains limited in terms of
aggregate employment and the unorganized sector
(small-scale) with low investment. Given this lack of
flexibility in operations of labour markets, implications
of liberalization on wages and employment may alter
3

for the Indian economy. The present study contributes

to the literature by estimating the impact of FDI, trade
and technology on wages and employment in the
organized Indian manufacturing sector in the post
reforms period2.

2 .Since 1991, India has undertaken a major economic reforms program under which significant
and far-reaching
Changes have been made in industrial and trade policy to encourage FDI flows and trade.
Incentives have also been
Given to encourage higher imports of technology.

The analysis is undertaken for 78 three-digit level

industries and in an attempt to take account of unique
characteristics of Indian labour markets, dynamic panel
data estimations are carried out using generalized
method of moments (GMM).Though there exists many
studies for Indian manufacturing sector that estimate
the wages and employment (mainly employment
elasticity), in the pre and post liberalization periods, the
impact of components of liberalization, i.e., FDI, Trade
and Technology has not yet been estimated. Moreover,
most of the studies do not take into account labour
market rigidities in their estimations.
The study is structured as follows: Section 2 provides
the theoretical framework and a brief review of earlier
studies. Section 3 examines the trends in FDI, Trade
and Technology flows in the Indian Manufacturing
Sector in the pre and post reform period. Section 4
examines the trends in employment and wages in
Indian
Manufacturing
Sector.
The
empirical
methodology used in the study is discussed in section 5
and section 6 discusses the data set and construction
4

of variables. Section 7 presents the empirical results.

Finally, section 8 concludes the study and highlights
major policy implications of the study.

Tata Motors3

Tata Motors Ltd. is one part of the

business conglomerate, Tata Group, and was formerly
known as TELCO (Tata Engineering and Locomotive
Company). The other ventures of Tata Group include
Tata
Steel,
Tata
Consultancy
Services,
Tata
Technologies, Tata Tea, Titan Industries, Tata Power, Taj
Hotels, and so on.

3. http://www.tatamotors.com/contactus/index.php

Headquartered in Mumbai, India, Tata Motors is a

multinational
corporation
accounting
for
70%
cumulative market share in the domestic commercial
vehicle segment. Today, the company is the worlds
second largest manufacturer of commercial vehicles,
worlds fourth largest truck manufacturer and worlds
second largest bus manufacturer. It is a dual-listed
company, which is traded on both the Bombay Stock
exchange as well as the New York Stock Exchange.

Tata Motors was first established in 1921 as a

locomotive manufacturing unit. The first commercial
vehicle was manufactured in 1954, in collaboration with
Daimler-Benz AG of Germany. In 1960, the first truck,
quite similar to a Daimler truck, rolled out from the Tata
Factory in Pune. Ever since its launch, the truck became
highly successful. However, the success of the
5

commercial vehicles was just the beginning of the

flourishing and booming future of Tata Motors. The
company went ahead diversifying itself and took up
other products as well. Apart from exporting heavy-duty
trucks, the company decided to come up with lighter
versions for the local market. Thus, began the
production of the first LCV (Light Commercial Vehicle)
model, Tata 407 in 1986.
In the early 1990s, the company began its expansion
into the car market. Its first passenger vehicle was Tata
Sierra, a multi utility vehicle that was launched in 1991.
Tata came up with three other automobiles, namely,
Tata Estate in 1992 (a station wagon based on the
earlier Tata Mobile in 1989), Tata Sumo in 1994 (LCV)
and Tata Safari in 1998 (Indias first SUV).

After thoroughly analyzing the demand of the

consumers, Ratan Tata, the current chairman of Tata
Group, decided to build a small car, which was
practically a new venture. Thus, in 1998, Indias first
fully indigenous passenger car, Tata Indica was
launched. It received an immediate success, since it
was inexpensive and relatively easy to build maintain.
The car was exported to Europe, to UK and Italy. The
second generation of Indica, V2 was even more
successful.

Indicas high success gave Tata Motors the financial

power to take over Daewoo Motors in 2004. This gave
the company an opportunity to give their brand
6

international exposure. Today, Daewoos trucks are sold

as Tata Daewoo Commercial Vehicle in South Korea. In
2005, the company acquired 21% share in Hispano
Caracara SA, earning the controlling rights of the
company. In January 2008, the global automobile sector
showcased the worlds cheapest car in the form of Tata
Nano. Launched by Tata Motors, the car cost only Rs.1,
00,000 (US $2,500). In the March of that year, Tata
Motors also acquired the Jaguar Land Rover (JLR)
business from the Ford Motor Company, which included
the Daimler and Lanchester brands.
Tata Motors formed 51:49 joint ventures with
Marcopolo of Brazil and came up with manufacturing
and assembling fully-built buses and coaches targeting
the developing mass rapid transportation systems. Tata
and Marcopolo jointly have launched low-floor city
buses that are widely used by Delhi, Mumbai, Lucknow
and Bangalore Transport Corporations.

Tata Motors has been continuously acquiring foreign

brands to increase its global presence. The company
operates in the UK, South Korea, Thailand and Spain.
Today, Tata Motors has its auto manufacturing and
assembly plants in Jamshedpur, Pantnagar, Lucknow,
Ahmedabad and Pune in India, and in Argentina, South
Africa, South Korea and Thailand. It is further planning
to set up more plants in Turkey, Indonesia and Eastern
Europe.

Current position of Tata motors:

It has been a long and accelerated journey for Tata
Motors, India's leading automobile manufacturer.
Presented below is a list of some of the significant
milestones in the Company's journey towards
excellence and leadership.

Tata Ace becomes India's first 1-lakh brand in

goods commercial vehicles.
Appointment of Mr. Carl-Peter Forster as Managing
Director of Tata Motors.
Jaguar Land Rover announces opening of its
Dealership in New Delhi.
Tata Motors to construct heavy truck plant in
Myanmar under Government of India's Line of
Credit.
Tata Motors declared as the Commercial Vehicle
Maker of the Year.
Tata Motors Passenger Car Division launches Tata
Motors Service Edge' for leading edge customer
service.
8

 Tata Motors displays Tata Nano EV at the 80th

Geneva Motor Show.
Chief Minister of Punjab inaugurates Tata Motors
supported State Institute of Automotive and
Driving Skills.
Jaguar Land Rover announces Dr. Ralf Speth as
Chief Executive Officer.
Tata Motors appoints Mr. Carl-Peter Forster as
Grouped. Tata Motors Group displays the widest
range of products and environment-friendly
technologies at Auto Expo 2010.
Tata Motors launches Magic Iris.
On 26th April 2010, Tata Motors sold its 4 millionth
Commercial Vehicle.

Growth of commodity production since

Independence

Commodity
Cloth

Unit

1950
51
4215

Million
9

1970 2004 71
05
7,602
20,632

Fertiliser
Cement
Finished Steel
Electricity
Aluminium
Paper
paperboard
Commercial
Vehicles

metres
000 Tonnes
Million
Tonnes
Million
and tonnes
Billion Kwh
000 tonnes

Thousand
numbers

9*
2.7
1.0
5.1
4.0
116

830
14.3
4.6
55.8
168.8
75

11,340
131.6
39.3
587.0
516.4
53,848

8.6

41.2

350.0

Source: Compiled from Economic Survey, 2004 05

Commodity
Cloth
Fertiliser
Cement
Finished Steel
Electricity
Aluminium
Paper
and
paperboard
Commercial
Vehicles

10

2009 10
26,352
15,640
189.6
46.2
630.2
725.4
4340
418.0

1974 75 to
1981 82
I
II

Public Sector

Mining and quarrying

Manufacturing
Electricity, Gas and Water
supply
Construction
Trade, Hotels and
Restaurants
Transport, Storage and
Public Sector
communication
Finance, Real estate, etc.
Mining and quarrying
Community, Social and
Manufacturing
personal services
Electricity, Gas and Water
Total
supply
Private Organized
Construction
Manufacturing
Trade, Hotels and
Restaurants
Transport, Storage and
communication
Finance, Real estate, etc.
Community, Social and
personal services

4.2
8.2
- 0.9
7.3
2.2
5.9
7.6
6.6
-12.4
-2.6
2.2
3.7
3.7
8.3
4.4
5.3
2008 3.1
6.0
09
3.4
7.6
8.7
7.9
6.3
7.2
1.2
4.4
8.9

Source: Govt. of India, Ministry of Industry. Handbook of Industrial

Statistics (1987) and RBI Handbook of Indian Statistics on Indian Economy,
2004 05

Average Annual Growth Rate of production

11

Financial
Motors

Performance

of

Tata

Over the years the company has performed

exceptionally well financially in spite of the cyclical
nature of the industry. A critical analysis of the financial
statements provides us with the following insights.
The issue of Cyclicality is plaguing the automotive
sector and the future outlook in India is not great
considering the robust performance of the past 3
years. Tata Motors has countered this by increasing
the share of exports in the sources of
revenue.

Excess debt has led to a high Debt to Equity

ratio and this is not good news as the company
plans to go for further capital expansion. Also the
percentage of cash flow used for CAPEX is
increasing as shown in Exhibit 1.

12

Exhi
bit 1 Percentage of cash inflow used for CAPEX

Rising interest rates in the economy is a cause

of concern as it dampens both capital investments
and softens the domestic demand.
Positives: The cash flow from operations has
grown 11 times compared to last year despite a
huge CAPEX. Tata Ace single handedly raised the
market share of Tata Motors in LCV segment by
5%. The operating leverage for Tata Motors is
higher due to the high fixed costs of CAPEX. But
still the overall financial leverage of Tata Motors is
well under control when compared to Ashok
Leyland.

Employment in Tata motors:

Tata Motors is on the lookout for dynamic professionals
who will drive the Company Forward. Tata motors offer
13

challenging
assignments
in
various
sectors:
Commercial Vehicle Business Unit, Passenger Car
Business Unit, Engineering Research Centre and
Corporate Affairs. The Company employs around
22,000 people (blue & white collared) who share a
passion for automobiles.
Tata Motors are committed to understanding customer
needs and innovating on our wide range of offerings
keeping these needs in mind. This approach has earned
us the position of being among the top five medium
and heavy commercial vehicle manufacturers in the
world. Our products are seen in markets like Europe,
Australia, South East Asia, Middle East and Africa.

Tata motors owe its success to the highly motivated

and talented staff at Tata Motors. Our recruitment
division picks the crme-de-la-crme from premier
universities, management and engineering institutes in
India. We put them through rigorous training
programmes to hone their entrepreneurial skills and
impart comprehensive product knowledge.

Impact of Liberalization on Wages

in Indian Manufacturing Industries:
A fairly recent stream of literature has emerged, which
suggests that FDI has a positive effect on wages in the
14

industries of the host country. It has been argued that

foreign firms pay more to their labour as compared to
domestic firms in developing countries for reasons
unrelated to productivity of labour. One explanation
given for this is the efficiency wages which states that
if work effort depends positively on the wages level, a
profit maximizing firm would find it profitable to pay
above the market clearing level. Other related versions
that explain higher wages given by foreign firms for
similar work and skills are:
a)

Higher wages payments reduce

increasing the cost of losing the job

shirking

by

4. See Akerlof and Yellen (1986)

b) Higher wage payments reduce labour turnover costs

c) Offering higher wages increase the quality of job
applicants, and thus raise the average quality of a
worker that the firm hires (Weiss 1991).
d) Higher wages build loyalty among workers and
hence improve a workers efforts.

Alternatively, the wage-bargaining models suggest

that multinational status may also impact on wages if it
affects the relative bargaining power of the firm and
the union. Company with plants in several countries
may credibly threaten to shelve expansion plans or
15

choose another market for additions to capacity in the

face of excessive wage demands

A multi country production structure may also impact

on the wage outcome if it improves the fallback
position of the firm in the event of a strike. For
example, it may be able to temporarily switch
production from one country to another. Finally,
ownership status can also affect labour relations within
a company, which may impact the level of negotiated
wages.
Carmichael
(1992)
argues
that
US
multinationals in U.K attempts to buy industrial
relations peace with higherwages.The preposition that
foreign firms pay more for reasons unrelated to labour
productivity has been empirically tested by many
studies but the results arrived at are ambiguous.

Aitken, Hrrison and Lipsey (1996) use establishment

level cross-sections for Mexico, theUSA and Venezuela
and find positive effect of FDI on wages in domestic
firms in US but negative effects in other two countries.
Canyon et al (1999) find wage and productivity
differential of 5%. Girma et al (1999) find wage and
productivity differential of 5%.Griffith and Simpson
(2003) present estimates for the U.K., finding in all
specifications positive premier for foreign firms. Lipsey
and Sjoholm (2001) study the Indonesian case and find
a premium of 12% for blue-collar workers and 22% for
white-collar workers. TeVelde and Morrissey (2003)
examine the cases for five African countries and again
16

find that foreign firms pay higher wages (the premia

range between 8% and 23%). Similar results are
documented for Ghana by Gorg et al (2002).However;
there are studies that argue that the entire increase in
wages in foreign firms can be explained by higher
productivity of labour (e.g., Conyon et al 1999,
Driffield1996). According to Lipsey (1994) average
compensation per worker is generally higher in foreignowned than domestically owned establishments but
this is due to their highercapital-labour ratios. If we
control for size, the effect of foreign ownership
disappears, but this is not so for non-manufacturing
industries. Driffield (1996) finds that foreign firms pay
wages above the industry average of around 7% in
U.K., partly owing to productivity differentials. Grima et
al (1999) find no statistically significant effect for any
impact on domestic wages. These studies argue that
multinationals affect through productivity channel since
in perfectly competitive labour markets, workers are
paid their marginal product and if labour productivity
decreases/increases due to presence of FDI so does
wages paid to workers. Thus, both the theoretical and
empirical debates on whether FDI raises wages in the
host country, irrespective of productivity increases still
remain inconclusive.

Impact
of
Liberalization
on
Employment
in
Indian
Manufacturing Industries:
Though, the Impact of FDI on wages is a wellresearched area, the Impact of FDI on Employment in
17

the Industry is a relatively less researched area. The

economic theory suggests that the Impact of FDI on
Total Employment may work through two routes. Firstly,
inward investment generates a straightforward labour
demand effect, steamming from an exogenous increase
in output. Secondly, it is alleged that the Technology
introduced by FDI is highly capital intensive, and
therefore may tend to reduce the employment potential
of industrialization. The idea that FDI may in fact bring
in Technology that is not labour augmenting, but may
actually be labour saving may implyan absolute
reduction in the overall employment (Nickell and Bell
1996, Pianta and Vivarelli 2000, Taylor and Driffield
2000).
A corresponding stream of literature examines the
impact of increased competition, due to trade, on
employment and wages. Under the HeckscherOhlin
Samuelson (H-O-S) framework, trade suggests a
redistribution of employment from the import sector
towards the export sector, i.e., according to the theory,
increased imports reduce employment and increased
exports increase employment. However, the impact is
found to be industry specific i.e., it has been found that
exports are a dominant factor in the employment
growth in high-technology and skill-intensive industries,
while import penetration adversely affect employment
growth in low-technology, labour-intensive industries
(Geraand Mass 1996).
Ghose (2000) shows that in case of industrialized
countries, growth of manufactured imports from
developing countries has a small adverse effect on
18

manufacturing employment but virtually no effect on

wages. But, in case of developing countries that have
emerged as important exporters of manufactures to
industrialized countries a growth in trade has a large
positive effect on manufacturing employment and
wages.Danthine and Hunt (1994) point out that, whilst
Marshaling pressures would be expected to decrease
wages, as competition in the product market increases,
an increased integration will also effectively reduce the
degree of centralization of bargaining. This can lead to
either increases or decreases in union wage demands
depending on the initial bargaining structure of the
country concerned. Focusing on short-run effects on
labour markets, Greenaway, Hine and Wright (2000)
find a considerable impact of international trade on
wages in the UK. Especially trade competition from
(South-) East Asian Newly Industrialized Countries (NIC)
appears to have increased wage inequality. However,
no consensus has been reached so far regarding the
impact of trade on employment and wages in
developing countries.
Like FDI and trade, technological progress can also
impact on labor markets in important ways. Technology
acquisition may take place in an industry through
higher imports of embodied and disembodied
technology and larger research and development
expenditures (R&D) by both domestic and foreign firms.
The impact of technological progress on wages and
employment has been discussed by both labour
economists (who look at factor-biased technical
change) and trade economists (who look at sectorbiased
technical
change
(SBTC)
and
price
19

change).Labour economists argue that SBTC increases

demand and returns to skilled labour4.This has been
supported by some of the studies in recent years that
show technical progress has been skilled biased, i.e., it
has led to decline in the demand for unskilled labour
[Machin and Van Reenen (1998), Berman and Machin
(2000), Hanson (2001)].However, trade theorists argue
that for large changes in technology the pattern of
production changes and therefore the net impact on
employment and wages may not be evident [Krugman
(2000), Xu (2000)]. Studies therefore show that FDI,
trade and technology acquisition can impact labour
markets in different ways. However, the results of the
studies are ambiguous and therefore it becomes
important to conduct country specific studies to
estimate the extent and direction of the impact.

Trends in Wages and Employment in

Indian Manufacturing Industries:
Studies with respect to estimates of wages and
employment in the Indian manufacturing sector in the
pre and post liberalization period have arrived at
ambiguous results. Results of the two recent studies
that examine the trends in Indian employment and
wages are reported in Table 3.
Tendulkar (2003) analyses the
experience of the organized manufacturing sector with
Regards to industrial growth over three distinct policy
regimes i.e., 1973-74 to 1980-81, 1980-81 to 1990-91
20

and 1990-91 to 1997-98. The period 1973-74 to 198081 was markedly restrictive industrial and trade policies
and according to the study the exponential growth rate
of output during this period was 4.65 per cent and
employment grew by 3.83per cent. Product wage per
worker increased at 3.2 per cent and implicit growth of
productivity per worker grew at a negligible 0.8 per
cent.

Table 3: Trends in Employment and Wages in

Indian Manufacturing
Tendulkar (2003) GR of Output GR of Employment
1973-74 to 1980-81 4.65 3.83
1980-81 to 1990-91 7.1 Jobless Growth
1990-91 to 1997-98 9.0 2.9
Goldar (2002) GR of Real Wages Employment
Elasticity
1973-74 to 1989-90 3.29 0.26
1990-91 to 1997-98 1.16 0.33
The second period of 1980s was a period of hesitant
liberalization of certain trade and industrial policies
combined with an aggregate demand push provided by
rising fiscal deficits and good agricultural harvests. This
period witnessed a growth rate of manufacturing output
of 7.1 per cent per annum. However, there was a virtual
stagnation in the manufacturing employment as a
21

result of which the decade was termed as, the decade

of jobless growth. Real product wage grew by 4.5 per
cent compared to implicit growth of 7.3 per cent in
productivity per worker. It is in this background of
jobless growth that stabilizing and structural reforms
were undertaken in 1991.In the post reforms period, it
was expected that the opening of the economy would
not only lead to a higher output growth due to better
allocation of resources, but increase in trade will
restructure production towards more labour-intensive
avenues, thereby generating substantial increases in
employment. The industrial output grew at around 9per
cent in this period; employment (number of workers)
grew by 2.9 per cent, with moderate product wage
growth of 2.6 per cent. Goldar (2000) finds acceleration
in employment growth in this period both at the
aggregate manufacturing level and for most two-digit
industries.
According to Goldar (2002) the employment elasticity
for aggregate manufacturing increased from 0.26 in the
pre reform period (1973-74 to 1989-90) to 0.33 in the
post reform period (1990-91 to 1997-98). He also finds
a significant increase in the employment elasticity in
the export-oriented industries group. However, in the
import competing industries he finds a fall in the
employment elasticity from 0.425 in the performs
period to 0.264 in the post-reforms period As regards
the trend in real wages, Goldar (2002) shows that the
growth in real wages has slowed down appreciably in
the post-reforms period. At the aggregate level the
growth rate of real wages per worker is found to have
declined from 3.29 per cent per annum during the
22

period 1973-74 to 1989-90 and to 1.16 per cent per

annum during the period1990-91 to 1997-98. But, with
respect to wages in the organized sector in India, it
should be pointed out that till date government
interventions play a key role in determining wages in
organized sector in India. The basic framework for
government interventions in the wage determination
process was set out in The Report of the Committee on
Fair Wages, 1948. Following the recommendations of
this Report, the government designed fairly elaborate
methods of intervention into the wage determination
process. These included setting of minimum wage
norms, direct determination of wages in public
enterprises, indirect influence on wage determination in
private enterprises through the
Establishment of Wage Boards, setting of norms for
wage differentials and establishment of rules of
indexation and bonus payment. Norms are also set for
social security benefits to employees though these are
generally less binding.

Objective of the Study:

To examine how Liberalization affects the Wages

and Employment in Tata Motors.
To examine the growth of Wages and Employment
in Tata Motors.

23

 To shift the Tata Motors towards labour intensive

products and Technology and to create more
employment.
To outline the trends in Wages and Employment in
Tata Motors.
To study the interlink age between Wages and
Employment sector in Tata Motors.

Research methodology and tools:

The proposed research would largely involve and adopt
Library and Survey Methodology. For establishing
correlation and simulation-wherever needed, feasible
and desired-appropriate statistical tools-contingency of
coefficient, proximity index, matrix, mean, standard
deviation, and the likes will be adopted as per
suitability band the purpose in view . Data has-been
generated by two types:

1. Primary data- by method of questionnaire and survey

method.
2. Secondary datamagazines etc.

by

different

Hypothesis:
24

books,

journals,

H1- Higher Wage Payments reduce shirking by increasing the cost of

losing the job.
H2- Higher Wage Payments reduce labour turnover
costs (Salop 1979).

H3- Offering Higher Wages increase the quality of job

applicants, and thus raise the Average Quality of a
worker that the firm hires (Weiss 1991).

H4- Higher Wages build loyalty among workers and

hence improve a workers efforts.

TENTATIVE CHAPTERIZATION:
CHAPTER 1: Introduction

CHAPTER 2: Profile of Tata Motors.

25

CHAPTER 3: Impact of Liberalization on Wages and

Employment in Indian Manufacturing Industries.

CHAPTER 4: Impact of Liberalization on Wages and

Employment in Tata Motors.

CHAPTER 5: Findings, Suggestions and Conclusions.

Guide
scholar

References:
1. http://www.tatamotors.com/contactus/index.php
2. ^ a b "The 20 largest companies in India Rediff.com Business". Rediff.com.
http://www.rediff.com/business/slide-show/slide26

show-1-the-top-20-companies-inindia/20101210.htm. Retrieved 2010-12-10.

3. ^ "Vote: Which is India's best brand? - Rediff.com
Business". Rediff.com.
http://www.rediff.com/business/slide-show/slideshow-1-which-is-indias-best-brand/20110106.htm.
Retrieved 2011-01-06.
4. ^ "Automobile Industry India". Imagin Mor Pty Ltd.
http://imaginmor.com/automobileindustryindia.html
.
5. ^ Cynthia Rodrigues. "Tata Group | Tata Motors |
Driving the dream". Web.archive.org. Archived
from the original on 2008-06-10.
http://web.archive.org/web/20080610111827/http:/
/www.tata.com/tata_motors/articles/20051011_driv
ing.htm. Retrieved 2010-10-11.
6. ^ "India's top 10 brands". business.rediff.com.
http://business.rediff.com/slideshow/2010/oct/26/slide-show-1-tata-motors-isindias-top-brand.htm. Retrieved 26 Oct 2010.
7. ^ "Tata Motors completes acquisition of Daewoo
Commercial Vehicle Company". Tata Motors.
http://www.tatamotors.com/our_world/press_releas
es.php?ID=108&action=Pull. Retrieved 7 October
2010.
8. ^ "Tata Motors, Brazil co form joint venture". The
Hindu Business Line.
http://www.thehindubusinessline.com/2006/05/06/s
tories/2006050602340200.htm. Retrieved 7
October 2010.
9. ^ Ford Motor Company (2008-03-26). "FORD
MOTOR COMPANY ANNOUNCES AGREEMENT TO
SELL JAGUAR LAND ROVER TO TATA MOTORS".
27

Press release. Archived from the original on 200806-12.

http://web.archive.org/web/20080612192629/http:/
/media.ford.com/newsroom/release_display.cfm?
release=27953. Retrieved 2008-03-27.
10.
^ Tata Motors (2008-03-26). "Tata Motors
enters into Definitive Agreement with Ford for
purchase of Jaguar Land Rover". Press release.
http://www.tatamotors.com/our_world/press_releas
es.php?ID=356&action=Pull. Retrieved 2008-0327.
11.
^ Tony Lewin (2008-03-27). "Classic names
are part of Tata deal". Crain Communications
work=Automotive News.
http://www.autonews.com/apps/pbcs.dll/article?
AID=/20080327/COPY01/803239/1193. Retrieved
2008-05-18.
12.
^ a b "Tata Motors completes acquisition of Jag,
Land Rover". Thomson Reuters. 2008-06-02.
http://www.reuters.com/article/ousiv/idUSBMA0008
4220080602. Retrieved 2008-06-02.
13.
^ "Tata Motors acquires 80% stake in Italy's
Trilix". Money Control.
http://www.moneycontrol.com/news/business/tatamotors-acquires-80-stakeitaly%E2%80%99strilix_488677.html. Retrieved 7 October 2010.
14.
^ "Tata Milestones".
http://www.tatamotors.com/our_world/rearview.php
?version=text. Retrieved 2009-03-22.
15.
^ a b "H I S P A N O". Hispano-net.com.
http://www.hispano-net.com/. Retrieved 2010-1011.

28

16.
^ "5 for 2 special: Tata acquires 3 other British
marques in Jaguar, Land Rover deal". Leftlane
News. 28 March 2008.
http://www.leftlanenews.com/5-for-2-special-tataacquires-3-other-british-marques-in-jaguar-landrover-deal.html#more-6922. Retrieved 2008-03-28.
17.
^ "Fiat, Tata Motors set up joint venture".
timesofmalta.com. 21st October 2007.
http://www.timesofmalta.com/motoring/view/20071
021/news/fiat-tata-motors-set-up-joint-venture.
Retrieved 2008-04-01.
18.
^ "The Next People's Car". forbes.com.
http://www.forbes.com/home/free_forbes/2007/041
6/070.html. Retrieved 2008-01-21.
19.
^ "Time to say hi to Tata's dream car". The
Times of India. 2008-01-10.
http://timesofindia.indiatimes.com/articleshowpics/
2689238.cms.
20.
^ Autoline Website,
http://web.archive.org/web/20080209022809/http:/
/www.autolineind.com/our_story.htm
21.
^ "Autoline". Web.archive.org. 2008-02-09.
Archived from the original on 2008-02-09.
http://web.archive.org/web/20080209022809/http:/
/www.autolineind.com/our_story.htm. Retrieved
2010-10-11.
22.
^
http://www6.lexisnexis.com/publisher/EndUser?
Action=UserDisplayFullDocument&orgId=101846&
topicId=104970025&docId=l:734196290
23.
^ a b Thebault, Pierre. "French Compressed Air
Car Set for Take-Off in India". planetark.org.

29

http://www.planetark.org/dailynewsstory.cfm/newsi
d/46298/story.htm. Retrieved 2009-03-23.
24.
^ a b Harrabin, Roger (13 February 2008).
"Five-seat concept car runs on air". An engineer
has promised that within a year he will start selling
a car that runs on compressed air, producing no
emissions at all in town. (BBC News).
http://news.bbc.co.uk/2/hi/science/nature/7241909.
stm. Retrieved 2008-02-16.
25.
^ "TaMo's ambitious 'Air Car' faces starting
trouble". dnaindia.com. 2009-11-25.
http://www.dnaindia.com/money/report_tamo-sambitious-air-car-faces-starting-trouble_1316093.
Retrieved 2010-05-07.
26.
^
http://www6.lexisnexis.com/publisher/EndUser?
Action=UserDisplayFullDocument&orgId=101846&
topicId=104970025&docId=l:846836097
27.
^ "Tata Group | Tata Motors | Media releases |
TMETC acquires 50.3 per cent stake in Norway's
Miljo Grenland/Innovasjon; to launch first electric
vehicle". Tata.com. 2008-10-14.
http://www.tata.com/media/releases/inside.aspx?
artid=D8J398/KAjI=. Retrieved 2009-05-02.
28.
^ "Tata Group | Our businesses | Tata
companies | Tata Motors European Technical
Centre". Tata.com.
http://www.tata.com/company/profile.aspx?
sectid=MiEz+LbA1Yg=. Retrieved 2009-05-02.
29.
^ "INDIA [photo added 15:45BST]: Tata to
launch EV next year: Automotive News &
Comment". Just-auto.com. 2008-10-14.

30

http://www.just-auto.com/article.aspx?
id=96329&lk=dm. Retrieved 2009-05-02.
30.
^ a b c d "Tata Motors". Tata Motors.
http://www.tatamotors.com/our_world/profile.php.
Retrieved 2009-06-04.
31.
^
http://tatanano.inservices.tatamotors.com/tatamot
ors/index.php?
option=com_booking&task=outlets&Itemid=304
32.
^ a b "Tata Motors unveils World Truck range".
The Hindu Business Line. 2009-05-29.
http://www.thehindubusinessline.com/2009/05/29/s
tories/2009052951220300.htm. Retrieved 200906-04.
33.
^ Tata Marcopolo tie up[dead link].
34.
^ "Tata Motors International : Company :
Profile". Tatacarsworldwide.com.
http://www.tatacarsworldwide.com/company/index.
asp. Retrieved 2009-06-04.
35.
^ "Tata Motors International : Global Network".
Tatacarsworldwide.com.
http://www.tatacarsworldwide.com/globalpresence/index.asp. Retrieved 2009-06-04.
36.
^ "Tata Motors Unveils New Range Of Trucks".
Motorbeam.com. 2009-05-29.
http://www.motorbeam.com/news/tata-news/tatamotors-unveils-new-range-of-trucks/. Retrieved
2009-06-04.[dead link]

31