Ratan Tata, company’s chairman said that the Tata Motors is turning to China to buy auto parts unavailable in India as it seeks to offer vehicles with automatic transmission at home, according to a BS report.
"We will now be sourcing sub-assemblies from China, for Indian cars. We will buy things like automatic transmission, things which India doesn't yet produce at prices that are unbelievable which will help us," Tata Group chairman Ratan Tata told Bloomberg UTV.
Meanwhile, Tata Motors has moved higher by two percent at Rs 245 after Ratan Tata made this announcement. In another development, the global credit rating agency S&P said yesterday that it has raised its long-term corporate credit rating on Tata Motors and given it a positive outlook. The stock opened at Rs 242 and hit a high of Rs 246 on the National Stock Exchange. A combined 5.45 million shares have changed hands on the counter so far, added the report.