London: India’s Tata Motors has hired KPMG and Roland Berger Strategy Consultants to advice on cost-cutting and cash flow management at Jaguar and Land Rover, the luxury brands it bought last year, according to media reports.
According to a report in the Daily Telegraph, the company has appointed advisers KPMG and Roland Berger Strategy Consultants to reduce cost at JLR.
JLR’s UK operations suffered a combined net loss of £673 million last year, accounts filed with the Companies House showed.
Tata has spent $1billion to keep the struggling brands afloat since the acquisition.
The report said that stabilising sales in India helped the company offset a continuing slump in exports, as the global economic crisis hit its main export markets of South Africa, Turkey and Russia.
Tata is currently in talks with the British government on state loan guarantees that the Indian firm need to prop up the car-makers. Tata Motors recorded a 60% surge in quarterly profits as cost-cutting, income from the sale of part of its stake in Tata Steel and lower raw material prices made up for slumping sales. Pre-tax profits in the first quarter climbed 58.8% to £69 million on revenues, down 7.6% from last year.