Tata shares flat as Jaguar announces Saudi Arabia factory plans
City Index December 11, 2012 5:15 PM
<p>Shares in Tata motors have fallen flat as the carmaker looks into building cars in Saudi Arabia.</p>
Shares in Tata are flat in trading today (December 11th) as its British subsidiary Jaguar Land Rover (JLR) announced it is considering building autos in Saudi Arabia.
If these proposals came to fruition, it would be the Indian-owned company's second overseas manufacturing facility, as it agreed to erect a plant in Shanghai last month.
Chief executive of JLR Ralf Speth said the company is committed to furthering its international partnerships in order to meet the demand of its highly sought-after vehicles.
He stated: "Saudi Arabia is an attractive potential development option, complementing our existing advanced facilities in Britain and recent manufacturing plans to expand in other countries including India and China."
Matters including investment levels, capacity and job creation have not yet been discussed in the deal.
At 11:25 GMT on the Frankfurt Stock Exchange, Tata Motors shares were flat at €20.20 per unit, while they closed one per cent lower in New York at $26.07 per share last night.
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