Mumbai:
The value of the brand Tata has soared 37 percent to $19.5 billion in 2019, helping the conglomerate break into the top-100 in a global brands list, according to a report. The salt-to-software group has been ranked 86th in the list compiled by the London-based consultancy Brand Finance, up from 104 in 2018, the statement said, adding it is the only domestic brand in the global top-100. "The Tata group has seen an impressive increase in brand value in 2019, and have been rewarded by being the only Indian brand within the top 100 most valuable brands in the world," Brand Finance chief executive David Haigh was quoted as saying in a statement issued by the Tata group.
Reacting to the recognition, Tata Sons chairman N Chandrasekaran said, "this recognition will encourage us to drive our businesses in a socially responsible manner globally while continuing to strive for excellence through innovation and entrepreneurship."
The improvement in brand value was aided largely by the performance of the group's cash-cow Tata Consultancy Services, Haigh said. The statement further said the brand value was also helped by the group's automotive and steel companies as also the inclusion of a wider number of Tata group entities for computing the value.
Meanwhile, Tata Motors owned Jaguar Land Rover (JLR) has announced plans to halt production for a week at its UK plants in April due to Brexit-related disruption. Britain's largest carmaker said the temporary production stand-down would take place between April 8 and 12 and affect all three of Jaguar Land Rover's UK car plants, as well as its engine plant.
"We have confirmed this year's holiday dates to employees across all UK sites. As part of this, we have also confirmed that there will be an additional week of production stand-down 8th-12th April due to potential Brexit disruption," a JLR spokesperson said.
Britain is set to leave the European Union (EU) by the deadline of March 29 this year but the process has been mired in controversy. The JLR has repeatedly warned against a hard exit from the 28-member economic bloc, which would adversely hit its supply chains and put jobs at risk.
The JLR employs just under 39,000 workers at its UK sites - Castle Bromwich, Solihull and Wolverhampton in the West Midlands, and Halewood on Merseyside. The plan to pause production follows an announcement earlier this month that the company is to cut 4,500 jobs in a bid to cut costs of up to 2.5 billion pounds.
The luxury car brand had closed its main plant in Solihull for two weeks in October last year to reflect "fluctuating demand" in key markets like China.
The company has told the government that, while its "heart and soul" are in the UK, a bad Brexit or a "no-deal" scenario would severely impact the company's plans.
