Jaguar Land Rover says it has picked JV partner
A senior executive at Tata Motors Ltd. said the Indian automaker has chosen a Chinese joint-venture partner to produce Jaguar and Land Rover vehicles in China, The Wall Street Journal reported.
C. Ramakrishnan, CFO of Tata Motors, did not identify the company's Chinese partner. "We are waiting for the necessary regulatory approvals" for the joint venture, he said.
Ralf Speth, CEO of Jaguar Land Rover, said in January that the company will spend as much as 100 million pounds (987 million yuan) to build a plant in China, the Journal added.
Although Jaguar Land Rover did not identify the company's Chinese partner, Bloomberg News reported this month that the company will form a joint venture with Chery Automobile Co.
In 2008, Tata Motors purchased the two English brands from Ford Motor Co. for 14.5 billion yuan.
