Tata mops up Rs 2.5k cr on 2 lakh Nanos

Written by Corporate Bureau | Mumbai | Updated: May 5 2009, 06:44am hrs
Tata Motors on Monday said the company had garnered nearly Rs 2,500 crore from 2.03 lakh fully-paid orders for the Tata Nano, a week after the booking process for the car came to a close. The most bookings were received for the top-end model, accounting for half the overall applicants. The Nano is scheduled to hit the roads in July.

The number of fully-paid bookings is, however, far lower than the number of booking forms sold at various centres. According to a company release, a total of 6.10 lakh forms were purchased from these booking centres.

As much as 70% of the 2.03 lakh bookings received were financed, while the remaining 30% of the applicants booked in cash by paying virtually the full cost of the vehicle upfront. Around 4,000 cash bookings were made online.

The Nano is priced in the range of Rs 1.34 lakh for the base model going up to Rs 1.85 lakh for the top variant (ex-showroom Mumbai.). The booking amount for the Nano ranged between Rs 95,000 and Rs 1.4 lakh.

The Tata Motors release said that the first 1-lakh allottees from among the applicants would be chosen through a computerised random selection procedure, and allotments made within 60 days of booking closure.

The Nano booking amount comes as a relief to Tata Motors, which posted a loss of Rs 263 crore in Q3 FY09, compared with a profit of Rs 499 crore a year earlier. Sales of commercial vehicles fell 61%, while passenger cars dropped 14% during the period.