Indian giant Tata has issued a huge vote of confidence in Jaguar Land Rover and confirmed it is in for the long haul, with many decades of ownership ahead.
Dr Mukund Rajan, one of just seven members of the Tata executive council , told the Birmingham Post in Mumbai that Tata was delighted with the JLR performance since the takeover over five years ago.
Dr Rajan said the vision of former chairman Ratan Tata had been "handsomely vindicated" with the astonishing success story of recent years for the Midlands biggest manufacturer .
"We are delighted with the way that the employees and the management have responded to the challenges they have dealt with," he said.
"In 2009 it was about what we needed to do to build a business for the next 50 years. We do not enter businesses easily and when we do, we are committed for the long term.
"We see ourselves as custodians for decades to come.
"It made a huge difference that one man inspired many more people.
"It made a major difference to the fortunes of one company and we all owe a huge debt of gratitude to Ratan Tata, this is one business that he knows like the back of his hand.
Dr Rajan said Tata were not asset strippers and were dedicated to investment and growth.
"We are not aggressive and act like private equity, stripping the business from their assets," he said. "We believe in management for the long term."
He said that many industrial experts had seen JLR as a 'dodgy investment' rather than another Tata acquisition, steel maker Corus.
"It is interesting how things have turned out very differently," added Dr Rajan.
"We think JLR has been a very happy convergence. It has really worked out well."
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