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Tata Motors' JLR said to plan to large-scale job cuts
India, Dec. 17 -- Jaguar Land Rover (JLR) will announce plans early next year to cut thousands of jobs as part of a turnaround strategy, the Financial Times reported, citing several unidentified people close to the company. The UK luxury carmaker, owned by India's Tata Motors Ltd, will outline the measures in January as part of a three-year cost-cutting program, the report said. In October, it outlined plans to deliver cost and cash flow improvements of £2.5 billion ($3.15 billion) within 18 months.
"Jaguar Land Rover does not comment on rumours concerning any part of these plans," a spokesman for the company said by email on Sunday.
S&P Global Ratings cut Tata Motors' long-term rating deeper into junk on Tuesday, the second downgrade ...
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