In a major development, N Chandrasekaran, Chairman of the Tata Group, said the company had a net automotive debt of Rs 48,000 crore and was targeting to reduce it to near-zero levels in three years.
The investments in the company had reduced to 50 percent this fiscal, he added.
JLR would be cash-positive this year, while India PV business was being subsidiarised to a new legal entity, Tata Motors CFO said.
The focus of the passenger vehicle business would be entirely on the front-end. It generated highest ever profitability in FY19, which got impacted by COVID-19, he added.
Tata Motors‘ domestic business is expected to generate free cash flows from fiscal year 2021 while JLR will achieve this a year later in 2022, the company’s CFO, P B Balaji said.
The share touched its 52-week high of Rs 201.80 on January 15, 2020 and a 52-week low of Rs 63.60 on March 24, 2020.
It is trading 35.85 percent below its 52-week high and 103.54 percent above its 52-week low.