One of the biggest foreign investors and employers in the UK, Tata Group, is reviewing its strategy and operations in the island country following Britain's withdrawal from the European Union. Shares of Tate Motors, Tata Steel, and TCS were down 8 per cent, 6 per cent, and 3 per cent respectively, in a weak Indian market during the weekend, provoking £3 billion loss in a single day in market capitalisation.
The group has 19 companies operating in the UK currently, and are responsible for over 60,000 employees. The group's automotive unit, Jaguar Land Rover will take a hit of $1.47 billion in the next four years owing to a 10 per cent levy on vehicles sold in EU nations and 4 per cent on imports of components. The company's steel unit could also suffer a setback with a change in the government, as the existing government had committed to take a 25 per cent stake in the beleaguered unit while also offering hundreds of millions of pounds as financial support.
Tata Group entered the UK in 1907, and since 2000, through marquee acquisitions such as Tetley, JLR, Corus, St James Court Hotel, Brunner Mond, and others, has built a significant mark in the country.
