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Home grown auto major Tata Motors will go ahead with its planned investment of Rs 3,000 crore in the current financial year despite a economic slowdown to support growth in future.
"At Tata motors we are talking about Rs 3,000 crore in this fiscal and that remains the same as far as our investment plans are concerned," Tata Motors Managing Director Karl Slym told reporters on the sidelines of the annual convention of Society of Indian Automobile Manufacturers (SIAM).
"This kind of environment causes us to make sure that we are not forsaking future for trying to look after today. So, investment plans on new products that were committed by us continue to be like that," he added.
When asked if the company has revised its growth targets because of the adverse market conditions, Slym said: "There are always things to be hopeful about because they are in the automobile business, this is a passionate business and things like this don't deter us. These actually energise us to think about new products, new initiatives to take to the market."
The company is yet to take a decision on curtailing Hispano Carrocera's operations due to the slowdown in Europe, especially in the Spanish market.
"We discussed it in the AGM but as far as Europe and Spanish operations are concerned it has been our agenda. No decision has been taken at the moment. We are just considering best option for the business," he added.
Hispano Carrocera, a wholly-owned subsidiary of Tata Motors, produces bus and coach bodywork in Spain and Morocco, with sales in several other countries of Europe.
Tata Motors is expecting increase in passenger car sales in the festive season ahead at lesser scale compared with previous years.
"We expect to see a boom as we have always seen in this country as far as festive season is concerned. But, looking at the trends it will lesser than last year," Slym said adding that his company has managed to maintain market share in the segments it operates in the passenger cars.
"Unfortunately we are not in segments which have shown large growth in last year and that's shame