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Jaguar Woes Add to Challenges for India's Most Indebted Empire
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Jaguar Woes Add to Challenges for India's Most Indebted Empire
The Tata Group bought the British luxury carmaker in 2008 for $2.3 billion, and it’s lately become a drag on the salt-to-software conglomerate, racking up losses in three quarters through December. Although Jaguar posted a net income of 119 million pounds ($151 million) this week, debt at owner Tata Motors Ltd. has grown to almost $14 billion, as it struggles to tide over a demand slump in China, the world’s biggest auto market. JLR’s mixed fortunes have hit Tata -- whose wider group debt load bloated to at least $40 billion, the largest among India’s conglomerates -- just as it seeks to revamp the sprawling business.
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