About Tata Motors Ltd

Tata Motors Limited is a leading global automobile manufacturer of cars, utility vehicles, buses, trucks and defence vehicles. The Company designs, manufactures and sells a wide range of automotive vehicles. It manufactures engines for industrial and marine applications. As India's largest automobile company and part of the USD 37 billion Tata Group, Tata Motors has operations in the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 86 subsidiary and associate companies, including Jaguar Land Rover in the UK and Tata Daewoo in South Korea. In India, Tata Motors is a market leader in commercial vehicles and among the top passenger vehicles manufacturers with 9 million vehicles on Indian roads. With design and R&D centres located in India, the UK, Italy and Korea, Tata Motors strives to pioneer new products that fire the imagination of GenNext customers. Abroad, Tata cars, buses, and trucks are being marketed in Europe, Africa, the Middle East, South Asia, South East Asia, South America, Australia, CIS and Russia. The Company is one of India's leading automobile manufacturing companies with an extensive range of integrated, smart and e-mobility solutions in its portfolio. It has a portfolio of automotive products, ranging from sub-1 ton to 49 ton gross vehicle weight (GVW) trucks (including pickup trucks) and from small, medium, and large buses and coaches to passenger cars. It manufacturing plants are situated at Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Dharwad (Karnataka) and Sanand (Gujarat). Through their subsidiaries and associate companies, the company has operations in the UK, South Korea, Thailand and Spain. Tata Motors Ltd was incorporated in year 1945 with the name Tata Engineering and Locomotive Co. Ltd. for manufacturing locomotives and other engineering products. In year 1948, the Company introduced steam road roller in collaboration with Marshall Sons (UK). In the year 1954, they made collaboration with Daimler Benz AG, West Germany for manufacturing medium commercial vehicles. In the year 1959, they set up a Research and Development Centre at Jamshedpur. In the year 1961, they started to export their products and the fist truck being shipped to Sri Lanka. In the year 1966, the company set up the Engineering Research Centre at Pune to provide impetus to automobile Research and Development. In the year 1977, they manufactured first commercial vehicle in Pune. In the year 1983, they commenced manufacturing of Heavy Commercial Vehicle. In the year 1985, the company produced first hydraulic excavator in collaboration with Hitachi. In the year 1986, they produced the indigenously designed light commercial vehicle Tata 407 followed by 608. In the year 1989, they introduced third LCV model, Tatamobile 206. In the year 1991, the company launched first indigenous passenger car, Tata Sierra and in the next year, they launched Tata Estate. In the year 1993, the company signed a joint venture agreement with Cummins Engine Co. Inc. for the manufacture of high horsepower and emission friendly diesel engines. In the year 1994, the company launched Tata Sumo and LPT 709. During the year, the company signed a joint venture agreement with Daimler - Benz / Mercedes - Benz for manufacture of Mercedes Benz passenger cars in India. Also, they singed a joint venture agreement with Tata Holset Ltd, UK for manufacturing turbochargers to be used on Cummins engines. In the year 1995, they launched Mercedes Benz car E220 and in the next year, they launched Tata Sumo deluxe. In the year 1997, the company launched Tata Sierra Turbo and in the next year, they launched Tata Safari and Indica in the market. In the year 2000, they launched Indica 2000 and CNG buses. In the year 2001, they launched Indica V2, CNG Indica and Tata Safari EX. In the year 2002, the company signed a product agreement with MG Rover of the UK. Also, they launched Petrol version of Indica V2, EX series in Commercial vehicles, Tata Sumo+ Series and Tata Indigo. In the year 2003, they launched Tata Safari Limited Edition CityRover, 135 PS Tata Safari EXi Petrol and Tata SFC 407 EX Turbo in the market. In July 29, 2003, the name of the company was changed from Tata Engineering Co Ltd to Tata Motors Ltd. In the year 2004, the company acquired Daewoo Commercial Vehicle Company and renamed it as Tata Daewoo Commercial Vehicle Co. Ltd. This company launched the heavy duty truck 'NOVUS' in Korea. Also, the company launched Tata Indica V2, Tata LPT 909 EX, Sumo Victa and Indigo Marina during the year. In the year 2005, the company acquired 21% stake in Hispano Carrocera SA, Spanish bus manufacturing Company. The company launched branded buses and coaches, namely Starbus and Globus in the market. Also, they launched Tata Ace, Indigo SX series, Indica V2 Turbo Diesel, Tata TL 4X4 and Tata Novus. During the year, the company inaugurated a new factory at Jamshedpur for Novus. Also, they unveiled Tata Xover at the 75th Geneva Motor Show. In the year 2006, the company made a joint venture with Marcopolo, Brazil for manufacturing fully built buses & coaches for India & markets abroad. They launched Indica V2 Xeta and new Indigo range. Also, they unveiled new long wheel base premium Indigo & X-over concept at Auto Expo 2006. In the year 2007, the company and Thonburi Automotive Assembly Plant Co. (Thonburi) formed a joint venture company in Thailand to manufacture, assemble and market pickup trucks. They inaugurated Tata-Fiat plant at Ranjangaon. They launched long wheel base Indigo XL, Tata Spacio, Magic, Winger, Sumo Victa Turbo DI, Indica V2 Turbo with dual airbags & ABS and Safari DICOR 2.2 VTT range. During the year 2007-08, the company unveiled the TATA Nano, the world's least expensive car at the Auto Expo 2008 in New Delhi. Subsequently, the car was also unveiled at the Geneva Motor Show and received international acclaim. They commenced production of TATA Ace from their manufacturing facility at Uttarakhand during the year. During the year, the company developed new products for the M&HCV passenger carrier sub-segment and displayed in the Auto Expo 2008, a 28 seater bus and an air conditioned low floor bus developed through their joint venture - Tata Marcopolo Motors Ltd. In the LCV segment, the company introduced two new products - Magic and Winger. Further, the company unveiled the 1 Ton and CNG variant of Ace, Cargo Panel van, Xenon XT - a lifestyle pickup truck and Winger Executive office concept vehicle in the Auto Expo 2008. They showcased their new range of tactical and armoured vehicles for military and para-military forces in the Defence Expo 2008. These include Tata Light Specialist Vehicle, Light Armoured Troop Carrier, Tata 8x8 HMV and the armoured Tata Safari. During the year 2007-08, the company signed an agreement with Fiat Group automobiles SpA Italy and Fiat India Automobiles Pvt Ltd (FIAPL) for establishment of joint venture to manufacture passenger cars engines and transmissions at Ranjangaon in India. In March 2008, the Company introduced Tata Xenon- 1 Ton pickup truck in Thailand through its subsidiary Tata Motors (Thailand) Ltd. On June 2, 2008 the company acquired the businesses of Jaguar Land Rover (a part of Premier Automotive Group of Ford Motor Co.) for USD 2.3 billion. Jaguar Land Rover is in the business of development, manufacture and sale of high end luxury cars and SUVs. The acquisition includes the ownership of three major manufacturing plants, two advanced design centres in UK, a worldwide sales network, Intellectual Property Rights (including perpetual royalty free licenses) and Brands and Trade marks. During the year 2008-09, the company partially divested their stake in Tata AutoComp Systems Ltd an associate company, from 50% to 26%. Also, they sold their investment in Tata Tele Services Ltd. During the year, the company launched 28 new commercial vehicles. Among the new products launched during the year were LPT 3118 - a truck with lift axle, CNG variants of the Ace, Magic and Xenon, new range of LCV buses manufactured by Tata Marcopolo Motors and the ICV 909 bus. The company also completed the execution of their first order of 650 low floor buses to Delhi Transport Corporation (DTC). They have also bagged a second order of 1625 similar buses from DTC to be executed in financial year 2009-10, the total order value of which is over Rs 2200 crore. In May 2009, they also unveiled the World Truck range of their next generation heavy trucks. During the year 2009-10, the company acquired 79% shares in Hispano Carrocera, S A by way of exercise of the existing call option, through mutual agreement with the other share-holder, Investalia S. A., Spain, for a consideration of Euro 2 million (Rs 1371 lakh). Consequently, Hispano Carrocera, S A has become a 100% subsidiary of the company. Also, the company sold 20% stake in Telco Construction Equipment Company Ltd (Telcon) to Hitachi Construction Machinery Co Ltd. The company now holds 39.75% stake in Telcon. During the year, the company launched the new heavy truck range Prima. Also, they launched the new range of buses (based on the Prima platform with bodies being made by Tata Marcopolo displayed at the Delhi Auto Expo in January 2010). In small commercial vehicles, they launched the Ace EX and Super Ace. In June 2010, the company inaugurated the factory for the Nano mini car at Sanand, in the western state of Gujarat. The factory is having an initial capacity of producing 250,000 cars per year. During the year 2010-11, the company launched the Aria, a premium crossover with high-end features such as 4x4, Torque on Demand, ESP, six airbags. They launched BS IV compliant variants of the Indica and the Indigo CS, the Indica eV2 and Indigo eCS with segment leading fuel efficiencies. These vehicles are powered by the company's 1.4L CRAIL engine. They launched Venture, a Multi Purpose Vehicle (MPV) on the Ace platform. The company expanded the Prima range launched during the previous year with the introduction of the Prima Construck range of tippers in the market. Also, the company launched the all new Jaguar XJ, the new 4.4 V8 diesel Range Rover and the new 2.2 diesel Land Rover. In September 2010, the company acquired 80% stake in Trilix Srl., Turin (Italy), a design and engineering company. The company increased their shareholding in Tata Precision Industries Pte. Ltd from 49.99% to 78.39% by subscribing to an additional 28.4% share of Tata Precision Industries Pte Ltd, Singapore on February 15, 2011. Tata Precision Industries Pte Ltd holds 100% shares of Tata Engineering Services Pte Ltd, hence Tata Engineering Services Pte Ltd also became a subsidiary. On 6 January 2011, Tata Motors announced the launch of Tata Venture in Rajasthan. The Tata Venture is a multi-purpose vehicle (MPV) with the footprint and maneuverability of a hatchback car, but the interior space of a utility vehicle. On 27 January 2011, Tata Motors announced that its wholly owned subsidiary in Spain Tata Hispano Motors Carrocera SA has won a prestigious order for supplying around 500 buses in the next 3 years to the Avanza Group, one of the largest private passenger transportation groups in Spain. On 10 February 2011, Tata Motors announced that it has won a prestigious order for supplying around 250 Tata Prima trucks to LINFOX Logistics, the largest privately owned supply chain solutions company in the Asia Pacific region with over 50 years of experience in this business. LINFOX will ply these trucks in India. On 23 February 2011, Jaguar Land Rover announced that Jaguar will launch its most potent series production car ever, the all-new XKR-S, at the Geneva motorshow on 1 March 2011. On 1 March 2011, Tata Motors showcased the Tata Pixel, a new city car concept for Europe, at the 81st Geneva Motor Show in Switzerland. On 10 March 2011, Tata Motors announced the launch of the Tata Indica eV2 hatchback built on the Tata Indica platform. On 14 March 2011, Tata Motors announced that it has entered into an understanding with Muthoot Vehicle and Asset Finance Ltd (MVFL) for financing its range of passenger vehicles. With this arrangement, MVFL will be one of the preferred retail financiers of Tata Motors in Kerala. On 18 March 2011, Tata Motors announced increase in prices of Indica passenger car by Rs 7,000 to Rs 9,000, Vista and Indigo CS passenger cars by Rs 8,000 to Rs 11,000 and Manza passenger car by Rs 10,000 to Rs 15,000 on account of steep rise in input costs. The company also announced increase in prices of utility vehicles Sumo by Rs 13,000 to Rs 15,000, Grande by Rs 16,000 to Rs 19,000, Safari by Rs 18,000 to Rs 29,000, Aria by Rs 30,000 to Rs 36,000 and Venture by Rs 9,000 to Rs 12,000. On 19 April 2011, Tata Motors announced that it has entered into an agreement with State Bank of India (SBI) for providing channel financing facilities to the Tata Motors dealers. The bank will provide financing for both, the passenger vehicles and commercial vehicles range. On 10 May 2011, Tata Motors announced the launch of the Tata Magic IRIS,' a four-wheel, 3-4 seater small passenger carrier, a stylish, safe and comfortable alternative for commuters who depend on three-wheelers, and the Tata Ace Zip', a technologically superior and smart micro truck with a payload of 600 kg for deep-penetration door-to-door goods movement. On 17 May 2011, Tata Motors formally announced the launch of Tata Delight, a customer loyalty programme for owners of its commercial vehicles, thereby becoming first company in the commercial vehicles industry to launch this unique engagement initiative. On 27 May 2011, Jaguar Land Rover announced the official opening its first assembly plant in India at Pune in the Maharashtra. The plant will assemble Land Rover Freelander 2 vehicles supplied in Complete Knock Down (CKD) form from Jaguar Land Rover's Halewood manufacturing plant in Liverpool, UK.Tata Motors (SA) (Proprietary) Ltd., Tata Motors' joint venture with Tata Africa Holding (Pty) Ltd., formally opened its assembly plant in South Africa at Rosslyn, north of Pretoria, in the Gauteng province of South Africa on 22 July 2011. Established with an investment of R110 million, the plant can assemble, from semi knocked down (SKD) kits, light, medium and heavy commercial vehicles ranging from 4 tonnes to 50 tonnes, with an annualised capacity of 3,650 vehicles. The capacity can be further expanded as required. On 2 August 2011, Tata Motors announced the launch of the Tata Aria 4x2, a luxurious creation with the finesse of a sedan and the muscle of an SUV all combined in one car with 4x2 option at a starting price of Rs 11.61 lakh ex-showroom, New Delhi. On 23 August 2011, Tata Motors announced the launch of a new version of its premium hatchback, the Tata Vista. On 4 November 2011, Tata Motors announced that new Range Rover Evoque from the stable of Jaguar Land Rover will be launched in India at a starting price of Rs 44.75 lakh (ex-showroom price in Mumbai, pre-Octroi). On 10 November 2011, Tata Motors announced the launch of new Tata Sumo Gold sport utility vehicle at a starting price of Rs 5.23 lakh ex-showroom, Pune. On 21 November 2011, Tata Motors announced the introduction of a bouquet of features for the Tata Nano, including new colours, new interiors, a more powerful gasoline engine and greater fuel efficiency of 25.4 kmpl. On 20 December 2011, Tata Motors announced the launch of the Tata Divo, a luxurious long distance inter-city travel bus and the Tata Starbus Ultra, a modern and practical bus for commuting within the city. On 27 December 2011, Tata Motors announced that the car maker is upgrading old Tata Nanos produced up to mid-September 2011, with a new starter motor to enhance their performance. This is in line with the company's practice of upgrading its vehicles. On 5 January 2012, Tata Motors unveiled at the New Delhi Auto Expo 2012 the Tata Safari Storme, the new generation Safari SUV, the Tata Ultra, the company's new LCV & ICV range, and the Tata LPT 3723, India's first 5-axle rigid truck. On 6 March 2012, Tata Motors presented at the 82nd Geneva Motor Show the Tata Megapixel, a new four-seater city-smart global range extended electric vehicle (REEV) concept for the performance-seeking and environment-conscious motorist anywhere in the world. On 23 April 2012, Tata Motors and DRB-HICOM Defence Technologies Sdn Bhd (DEFTECH), a wholly-owned subsidiary of DRB-HICOM Berhad, Malaysia, signed a cooperation agreement to enable both DEFTECH and Tata Motors to develop, promote and market Tata Motors' high mobility 4x4 trucks with payloads ranging from 2.5 tonnes to 5 tonnes for the Armed forces of Malaysia.On 2 May 2012, Tata Motors and Fiat agreed that, in order to further develop the Fiat brand in India, Tata Motors will hand over the management control of Fiat's commercial and distribution activities in India to a separate Fiat Group owned company. Development of the new Fiat dealer network for India will start progressively and the 178 existing Fiat-franchised Tata dealers in 129 cities will be encouraged to form the foundation of the future network.On 6 June 2012, Tata Motors announced that its Dharwad, Karnataka plant for small commercial vehicles has become operational and has begun to produce the Tata ACE Zip and the Tata Magic IRIS. Established with an investment of over Rs 900 crore, the plant spans across an area of 405 acres. On 3 September 2012, Tata Motors announced the launch of the Tata Xenon pick-up, offering both single cab and dual cab versions. On 14 September 2012, Tata Motors announced the launch of its new generation sedan, the Tata Indigo Manza in the South African market. On 17 September 2012, Tata Motors announced the launch of 6 first-of-its-kind heavy trucks. On the same day, the company announced the launch of an intelligent vehicle and driver management solution viz. Tata FleetMan Telematics Services. Targeted at commercial vehicle fleet owners and large consigners of goods, the service offers advanced Telematics solutions, which will help in increasing productivity and profitability. On 20 September 2012, Tata Motors announced that it has received its largest ever single order for commercial vehicles from Siddhivinayak Logistics Ltd. (SVLL), to supply 1,314 trucks to be delivered during the financial year. The order coincided with the launch of an innovative scheme by SVLL, meant for the well-being of their drivers, called Chalak se Malak'. On 16 October 2012, Tata Motors announced the launch of its next generation car, the Tata Manza, a Club Class sedan. On 17 October 2012, Tata Motors announced the launch of the new Tata Safari Storme sports utility vehicle at a starting price of Rs 9.95 lakh ex-showroom, New Delhi.On 18 October 2012, Tata Motors announced the launch of its 1-tonne diesel mini-truck, the Tata Super ACE in South Africa. On 26 October 2012, Tata Motors announced the launch of Tata Alert', a highway assistance programme for medium and heavy commercial vehicles, which will be available across all national highways in India. On 27 November 2012, Tata Motors announced its maiden entry in the Bangladesh new car market by introducing two sedans viz. the Tata Indigo eCS, the Tata Indigo Manza, and the Tata Indica Vista hatchback. On 18 December 2012, Tata Motors announced the launch of new Tata Aria Pure LX, a new variant of the Aria car with a bouquet of features, priced at Rs 9.95 lakh ex-showroom Bangalore. On 28 January 2013, Tata Motors announced the launch of its premium hatchback, the all new Tata Vista D90, an advanced and dynamic car, delivering 90PS of raw power, offering first-in-class high-tech features. On 13 February 2013, Tata Motors announced that it has bagged an order for the company's fully indigenous Tata 6x6 multi-axle high mobility mobile platforms from Bharat Electronics Limited (BEL), Bangalore, to mount Radar applications meant for the Indian Air Force. Tata Motors will supply 26 Tata 6x6 multi-axle vehicles to BEL Bangalore. On 15 February 2013, Tata Motors showcased two new MCV buses for intercity transportation and staff transportation at the SIAM International Bus & Utility Vehicles Show, at Greater Noida. On 19 February 2013, Tata Motors announced the roll-out of the 2 millionth truck from its world-class manufacturing facility at Jamshedpur in Jharkhand. The plant manufactures Tata Motors' entire range of medium and heavy commercial vehicles, including the Tata Prima, both for civilian and defence applications. On 3 April 2013, Tata Motors announced the launch of the Tata Prima range of commercial vehicles in Sri Lanka. On 18 May 2013, Tata Motors announced that TML Holdings Pte. Ltd., a wholly owned subsidiary of Tata Motors, issued and allotted s$350 million in principal amount of 4.25% senior notes due 2018. The net proceeds from the issue will be used for the redemption of preference shares issued to Tata Motors and for general corporate purposes. On 19 June 2013, Tata Motors announced HORIZONEXT, an aggressive customer-focused strategy for its passenger vehicles business. It also unveiled 8 newly upgraded and enhanced products across 5 brands. On 23 July 2013, Tata Motors announced its entry into Australia, under a new independent distributor, M/s Fusion Automotive Pty Ltd. Australia. Through Fusion Automotive Pty Ltd., Tata Motors will introduce a range of light commercial vehicles in Australia. 5 August 2013, Tata Motors announced that it has entered into an understanding with UCO Bank for financing its range of commercial vehicles, to provide an added facility of finance to its customers. Through this tie-up, UCO Bank will offer loans of upto 85% on a Tata Motors commercial vehicles on-road pricing. On 9 September 2013, Tata Motors announced its partnership with DRB-HICOM, Malaysia's biggest conglomerate, for the import, distribution and assembly of Tata Motors commercial vehicles in Malaysia. On 10 September, 2013, Tata Motors' wholly owned subsidiary in Indonesia PT Tata Motors Distribusi Indonesia (TMDI) launched three new Tata passenger vehicles viz. the Tata Aria, the Tata Vista and the Tata Safari Storme in Indonesia. On 24 September 2013, Tata Hispano Motors Carrocera, SA announced its decision to cease production activities at Zaragoza, Spain factory. The decision to cease the activity at Tata Hispano Motors Carrocera was compelled due to economic and business factors, as despite strong investments, there was no positive result to reverse the challenging business situation and losses for the plant. Tata Hispano Motors Carrocera, SA is a Spanish company based in Zaragoza. It is a wholly-owned subsidiary of Tata Motors. On 8 October 2013, Tata Motors formally announced the launch of the CNG version of its small car Nano powered by a fuel efficient, state-of-the-art engine, with CNG and petrol bi-fuel system options. On 29 October 2013, Tata Motors announced the launch of New Tata Sumo Gold sports utility vehicle at a starting price of Rs 5.93 lakh ex-showroom, New Delhi. On 22 November 2013, Tata Motors formally announced the launch of two new additions to its CNG portfolio - Tata Indigo emax and Tata Indica emax. These two variants were introduced in 6 markets across India viz. Delhi, Maharashtra, Gujarat, Uttar Pradesh, Andhra Pradesh and Tripura. On 13 January 2014, Tata Motors announced the launch of the new Nano Twist, a new addition to the Nano range priced at Rs 2.36 lakh ex-showroom Delhi. On 20 January 2014, Tata Motors announced the launch of the REVOTRON Series, the next generation petrol engine family that will power its future models in the passenger vehicle market. On 21 January 2014, Tata Motors announced the launch of the premium hatchback Vista VXTech at a starting price of Rs 4.94 lakh ex-showroom Delhi for Vista LS model. On 5 February 2014, Tata Motors showcased an extensive range of 18 stunning vehicles and concepts at the Auto Expo 2014. Tata Motors and Samsung Electronics on 6 February 2014 announced a partnership to offer innovative in-car connectivity applications in Tata Motors passenger vehicles. On 6 March 2014, Tata Motors announced the launch of six new heavy trucks in the haulage segment and four in the construction segment from its Prima LX range. On 8 March 2014, Tata Motors announced that it has entered into an understanding with Bharatiya Mahila Bank (BMB) for financing its passenger vehicle customers. BMB will be facilitating eligible customers of Tata cars and utility vehicles with vehicle financing, at an attractive rate of 10.5% for women customers, across all BMB branches, in India. On 3 April 2014, Tata Motors announced its entry into the Philippines market at the Manila International Auto Show (MIAS), 2014, held at the World trade Centre. The company said at that time that it will commence its business in Philippines with exports of the Manza, the Vista, the Indigo and the Indica from its passenger vehicles portfolio and the Xenon, the Ace and the Super Ace from its commercial vehicles range. On 6 May 2014, Tata Motors announced the launch of a new utility vehicle Movus at a starting price of Rs 6.99 lakh ex-showroom, Delhi. On 14 May 2014, Tata Motors announced that it has bagged an order for 2,000 passenger vehicles to be supplied over a period of one year from SVLL Connect Pvt. Ltd., a group company of Siddhi Vinayak Logistic Ltd. SVLL Connect's order will comprise of Tata Motors luxury sedan, the Manza, the Indigo eCS, with a majority of the order placed for the new Aria utility vehicle. SVLL Connect will ply these vehicles over inter-city routes. On 22 May 2014, Tata Motors announced the launch of the new Intermediate and Light Commercial Vehicle (ILCV) range of trucks christened ULTRA', which offers superior technology and design that ensures lowest total cost of ownership through higher uptime because of increased driver comfort, superior aggregates and customised requirements. On 12 August 2014, Tata Motors announced the commercial launch of the Zest, the all new, sub-four metre compact sedan with a start price of Rs 4.64 lakh ex-showroom, New Delhi, for the petrol Revotron 1.2T model and Rs 5.64 lakh ex-showroom, New Delhi for the diesel variant. On 27 August 2014, Tata Motors announced the launch of its passenger vehicle range in Algeria. It includes Tata Indica and Tata Vista from the hatchback range, and the Tata Indigo and Tata Manza from the sedans. On 2 September 2014, Tata Motors announced that it had received an order from Karnataka State Road Transport Corporation (KSRTC) to supply 487 buses and another order for 780 buses from Himachal Road Transport Corporation for Tata Marcopolo built buses as per 'Urban Bus Specifications' under JNNURM - II scheme. These orders are part of the over 2,700 orders for Tata Motors URBAN' buses received under JNNURM - II scheme. On 11 September 2014, Tata Motors and Microlise, one of Europe's leading Telematics and Fleet Management solutions providers, announced their partnership to bring in the latest global Fleet Telematics solutions to the Indian market. The agreement, signed for an initial period of 5 years, envisages both partners utilising their core strengths to deliver Fleet Management services of unprecedented quality, reliability and range to the Indian Transport Industry through the Tata Fleetman platform. While Microlise will provide the technology and solutions, Tata Motors will integrate them in its commercial vehicles and utilise its vast experience and reach for service delivery. The services will be marketed through OE fitment as well as through the aftermarket route. On 25 October 2014, Tata Motors announced the pricing of a dual-tranche USD 750 million senior unsecured notes following strong demand aggregating USD 4.50 billion for the offering. The proceeds from the issuance and sale of the notes will be used to refinance external commercial borrowing of the company, incur new additional capital expenditure and for general corporate purposes. On 13 November 2014, Tata Motors showcased two new mini-trucks on its popular Ace platform from its new municipal range of solutions at Municipalika 2014 in Gandhinagar, Gujarat. Municipalika 2014 is a trade show focusing on Construction, Architecture, Planning and Engineering to deliberate on sustainable built environment and good urban governance. On 2 December 2014, Tata Motors announced that it has received an order for 1,542 Sumo Gold utility vehicles from various police and law enforcement agencies across the country. On 22 January 2015, Tata Motors announced the commercial launch of its much-awaited sporty hatchback Bolt at a starting price of Rs 4.44 lakh ex-showroom, Delhi for the Revotron (petrol) 1.2T variant and Rs 5.49 lakh ex-showroom, Delhi for the diesel variant. On 27 February 2015, Tata Motors announced new initiatives designed to enhance the company's competitiveness. As a part of these initiatives, the company announced a Voluntary Retirement Scheme (VRS) for the workmen. On 3 March 2015, Tata Motors announced the launch of a new small pick-up, the Tata SuperAce Mint. The cargo carrier will meet requirements of intra and intercity transport. The vehicle was launched at a starting price of Rs 5.09 lakh ex-showroom, Thane. On 20 April 2015, Tata Motors announced the launch of the new Safari Storme sports utility vehicle with a starting price of Rs 9.99 lakh ex-showroom, New Delhi. On 7 May 2015, Tata Motors announced that its Rs 7500-crore rights issue was oversubscribed 1.21 times. The rights issue of ordinary shares was oversubscribed by 1.17 times while the rights issue of A' ordinary shares was oversubscribed by 1.51 times. The proceeds from the share issue are intended to be used for funding expenditure towards plant and machinery, research and product development, repayment in full or in part of certain long-term and short-term borrowings and general corporate purposes. On 19 May 2015, Tata Motors announced the launch of all-new GenX Nano range, a new compact, feature-rich hatchback with advanced technological features and a starting price of Rs 1.99 lakh for the XE variant. On 10 July 2015, Tata Motors announced that the company has bagged an order to supply around 1,200 high-mobility 6X6 multi-axle trucks from the Indian Army - the single largest order awarded to an Indian private OEM (Original Equipment Manufacturers) in land systems under the DPP by the Indian army. The order for 6X6 vehicles is for Material Handling Cranes' for the loading-unloading and transportation of ammunition pallets, spares and other operational equipment. On 27 August 2015, Tata Motors announced the launch of a new smart pick-up truck Tata ACE Mega. On 10 September, 2015, Tata Motors announced the launch of special edition of its highly acclaimed compact sedan Tata Zest. On 22 September 2015, Tata Motors announced that it has achieved 3 lakh units sales mark for its last mile passenger transport brand Tata Magic. Tata Magic was introduced in June 2007 as India's first small commercial four-wheeler in last mile public transport. On 8 December 2015, Tata Motors announced the launch of a new variant of the Safari Storme VX sports utility vehicle powered by a new 2.2L VARICOR 400 engine. On 6 January 2016, Tata Motors in association with PETRONAS Lubricants International (PLI) launched co-branded range of lubricants for Tata Motors' passenger vehicles range in the India market. On 3 February 2016, Tata Motors showcased its future range of passenger vehicles at the Auto Expo 2016. The product line-up features the new sporty compact sedan (project code named KITE 5), the production ready, lifestyle SUV- HEXA in automatic and manual variants, compact SUV - NEXON and the personalized editions of the new passenger vehicles from Tata Motors. On 4 February 2016, Tata Motors announced the launch of its new SIGNA range of Medium & Heavy Commercial Vehicles at the SIAM Auto Expo 2016. On 7 March 2016, Tata Motors announced that it has signed a strategic agreement with Bharat Forge Limited and General Dynamics Land Systems (GDLS) of the US, for the Indian Ministry of Defence (MoD's) prestigious Future Infantry Combat Vehicle (FICV) program. Tata Motors will lead the consortium, with Bharat Forge Limited as a partner, while General Dynamics Land Systems will bring in its much proven expertise in combat vehicle platforms. On 16 March 2016, Tata Motors announced that it has won a contract to supply 25 hybrid buses from Mumbai Metropolitan Region Development Authority (MMRDA) in the single largest order awarded for Hybrid Electric vehicle technology. On 27 March 2016, Tata Motors announced that it has bagged a follow-on contract for the supply of an additional 619 units of its high-mobility (HMV) 6X6 multi-axle truck from the Indian Army. On 6 April 2016, Tata Motors announced the commercial launch of its new hatchback TIAGO at a starting price of Rs 3.20 lakh ex-showroom, New Delhi for the Revotron 1.2L (petrol) variant and Rs 3.94 lakh ex-showroom, New Delhi, for the Revotorq 1.05L (diesel) variant. On 6 September 2016, Tata Motors announced having received orders of over 5,000 buses from 25 State/City Transport Undertakings across the country. On 26 September 2016, Tata Motors announced its foray into the Bolivian commercial vehicle market through a distribution agreement with local partner, Bolivian Auto Motors, part of the business group Salvatierra, an important business conglomerate engaged in the distribution of motor vehicles and motor cycles in Bolivia. Through this partnership Tata Motors launched three commercial vehicles in the Bolivian market. On 28 September 2016, Tata Motors and Hindustan Petroleum Corporation Limited (HPCL) launched the high performance range of HP Tata Motors Genuine Oil (HP TMGO), exclusively developed for Tata Motors passenger vehicles in the Indian market. The HP TMGO range includes Engine Oils, Gear Oils, Steering and Transmission Fluids, Coolants, Brake Fluids and Greases.On 3 November 2016, Tata Motors and PT Pindad, Indonesia signed a Memorandum of Understanding (MoU) for cooperation to effectively explore market potential of Tata Armoured Vehicles in Indonesia and other agreed regions of ASEAN. The MoU further includes a study to check the feasibility of locally assembling Tata Armoured Vehicles at PT Pindad's facility in Bandung in West Java province of Indonesia. PT Pindad is an Indonesian state-owned enterprise specializing in military and commercial products.On 8 November 2016, Tata Motors showcased the country's first LNG (liquefied natural gas) powered bus in Kerala. Tata Motors first showcased LNG technology on the Tata PRIMA Truck, at Auto Expo 2014 in New Delhi. On 12 December 2016, Tata Motors announced price hike ranging from Rs 5,000 to Rs 25,000 for its passenger vehicles with effect from 1 January 2017 to pass on increase in prices of raw material commodities like steel, aluminium, copper and rubber. On 3 January 2017, Tata Motors announced the launch of Tata Xenon Yodha range of pick-ups. The new Tata Xenon Yodha is an ideal solution for diverse commercial usage transporting agri-produce (Fruits & Vegetable), poultry, fish, milk, a cash van, a service support vehicle at construction sites etc. On 5 January 2017, Tata Motors and Castrol announced the signing of a three-year strategic partnership agreement for supply of Commercial Vehicle Oils to Tata Motors globally. The agreement will cover over 50 markets including SAARC and ASEAN region, Middle East, Africa, Russia and Latin America. On 18 January 2017, Tata Motors announced the commercial launch of its much awaited lifestyle vehicle Hexa at a starting price of Rs 12.08 lakh ex-showroom Maharashtra for the manual transmission variant and Rs 14.98 lakh ex-showroom Maharashtra for the automatic variant. On 25 January 2017, Tata Motors launched new hybrid and electric buses at its Pune facility thus reiterating the company's commitment towards smart and green technology and mobility solutions. On 16 February 2017, Tata Motors and Microsoft India announced a strategic agreement to redefine connected and personalized driving experiences for Indian customers. Tata Motors will leverage Microsoft's connected vehicle technologies that bring together artificial intelligence (AI), advanced machine learning, and the Internet of Things (IoT) capabilities on the global hyper-scale Azure cloud, to traverse the digital and physical worlds and create a highly personalized, smart and safer driving experience across the digital life of a vehicle owner. On 29 March 2017, Tata Motors announced the commercial launch of its new compact sedan Tata TIGOR. The car will be available in 8 variants and six exciting colour options. On 31 March 2017, Tata Motors announced the launch of JT Special Vehicles Pvt. Ltd., a 50:50 joint venture with Jayem Automotives Pvt. Ltd., for the development of special performance vehicles based on the latest series products. As part of the agreement, both Tata Motors and Jayem Automotives will work towards performance enhancement and appearance of series vehicles to offer an exciting and innovative range of niche aspirational products for the passenger car customers. On 19 April 2017, Tata Motors announced the launch of AMT (Automated Manual Transmission) technology in its Starbus and Ultra brand of buses, ranging from 9-12 meters, at a starting price of Rs 21 lakh (ex-showroom New-Delhi). On 27 April 2017, Tata Motors announced that it has signed a contract for supply of 3,192 units of the Safari Storme under the newly formed GS800 category to the Indian Armed Forces. On 9 June 2017, Tata Motors announced that it has resolved the long-term wage settlement issue at its Sanand, Gujarat manufacturing facility. On 15 June 2017, the Tata Group announced that an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing, will purchase approximately 30% stake in Tata Technologies Limited from Tata Motors and its subsidiary Sheba Properties Limited, as well as the entire 13% stake held by Tata Capital (8.7% from Alpha TC Holdings Pte Ltd and 4.3% from Tata Capital Growth Fund I). Post the transaction, Tata Motors and affiliates of the Tata Group will continue to retain a significant minority interest of approximately 43% in Tata Technologies, with the remaining ownership held by the management team and other shareholders. Tata Technologies is a global engineering services and product development IT company with more than 8,500 employees located in 23 countries. On 3 July 2017, Tata Motors announced that its TIAGO hatchback has crossed the one lakh bookings milestone in the domestic market. TIAGO was launched in April 2016. On 6 July 2017, Tata Motors announced a price reduction in the range of 0.3% to 4.21% for cargo commercial vehicles and reduction of 0.6% to 8.2% for commercial vehicles for passenger transportation following the introduction of a nationwide Goods and Services Tax (GST) from 1 July 2017. On 5 July 2017, Tata Motors announced a price reduction of upto 12% ranging between Rs 3,300 and Rs 2.17 lakh per vehicle on its passenger vehicles following the introduction of a nationwide Goods and Services Tax (GST) from 1 July 2017. On 11 July 2017, Tata Motors announced the launch new Tata Ace XL range of small commercial cargo vehicles. On 17 July 2017, Tata Motors showcased India's first Bio-CNG (bio-methane) Bus at the Bio-energy programme, called Urja Utsav'. On 26 July 2017, Tata Motors announced the launch of a range of commercial vehicles in Philippines. On 10 August 2017, Tata Motors announced that the company and Skoda Auto have ceased discussions around a potential partnership between the two auto makers. Based on intense and constructive discussions, both the companies have jointly concluded that the envisioned areas of partnership may not yield the desired synergies as originally assessed. Nevertheless, the two companies have decided to keep in touch for future areas of collaborations. To mark the overwhelming success of TIAGO and usher in the festive season, Tata Motors on 12 September 2017 announced the launch of the limited-edition TIAGO Wizz hatchback priced at Rs 4.52 lakh for the petrol version and Rs 5.30 lakh for the diesel version (ex-showroom Delhi), inclusive of the accessory kit. On 21 September 2017, Tata Motors announced its entry into the growing compact SUV segment with the commercial launch of its new Gen-next lifestyle SUV, the Tata NEXON with an introductory price of Rs 5.85 lakh ex-showroom Delhi for the petrol variant and Rs 6.85 lakh ex-showroom Delhi for the diesel variant. On 4 October 2017, Tata Motors Limited showcased the new safety technology - Electronic Stability Control (ESCsmart) for the range of PRIMA and SIGNA trucks at an event in Chennai. Tata Motors said at that time that it is the first OEM in India to deploy Electronic Stability Control (ESC) for Medium and Heavy Commercial Vehicles. On 5 October 2017, Tata Motors signed a memorandum of understanding with Srei Equipment Finance Limited (Srei), a wholly owned subsidiary of Srei Infrastructure Finance Limited, to finance Tata Motors commercial vehicles with a special focus on construction and mining tippers. The preferred financier agreement (PFA) will allow both Tata Motors and Srei to explore enhanced growth prospects in the heavy-duty tipper truck segment in the country. On 2 November 2017, Tata Motors added two AMT (Automated Manual Transmission) variants to the Tigor Styleback sedan range. On 14 November 2017, Tata Motors signed a Memorandum of Understanding (MoU) with Energy Efficiencies Services Limited (EESL) to achieve energy saving and resource conservation by implementing various energy efficiency initiatives across the company's manufacturing facilities in India. The energy efficiency programme will be implemented in Tata Motors manufacturing plants located at Pantnagar (Uttarakhand), Lucknow and Pune in the first phase and will be later extended to other facilities. EESL will undertake the complete upfront investment for the energy efficiency programme, with zero investment from Tata Motors. The overall implementation period for the programme will be two years. On 6 December 2017, Tata Motors rolled out the first batch of the Tigor Electric Vehicle (EV) manufactured for the Indian government's prestigious order of electric vehicles from the Energy Efficiency Services Ltd (EESL), an entity under the Ministry of Power. Tata Motors had qualified as L1 bidder in the midst of stiff competition and won the tender of 10,000 electric cars floated by EESL in September 2017. On 11 December 2017, Tata Motors announced that the company will display six new construction and mining commercial vehicles, from its Construck range at EXCON 2017, South East Asia's largest construction equipment exhibition. On the same day, Tata Motors announced that the company would be increasing prices of its entire passenger vehicles range by up to Rs 25,000, starting January 2018 to pass on rising input costs. On 19 December 2017, Tata Motors announced that its small commercial vehicle Tata Ace has crossed 20 lakh sales milestone. The vehicle was launched by Tata Motors in 2005. On 3 January 2018, Tata Motors announced the first-of-its-kind Best-in-class Warranty' for 6 years for the entire range of Tractor-trailers, Multi-axel Trucks & Tippers of 16 tonnes and higher GVW (Gross Vehicle Weight). Tata Motors is the first company in India to introduce a standard driveline warranty of 6 years on the entire M&HCV range. On 15 January 2018, Tata Motors launched company branded Tata Motors Genuine Oil' exclusively for Tata Motors commercial vehicles range in the Indian market. On 5 March 2018, Tata Motors launched the ZEST Premio compact sedan - a special edition car with 13 new features for diesel version (ex-showroom Delhi). The Company sold 12,74,072 units and 12,21,124 units in FY 2018- 19 and FY 2017-18, respectively (excluding wholesales from the China joint venture), consisting of 7,61,786 units of Tata and other brand vehicles and 5,12,286 units of Jaguar Land Rover vehicles for FY 2018-19. During FY2019, the company spent towards Capital Expenditure amounting to Rs 36636 crore. The Company has 99 subsidiaries (12 direct and 87 indirect), 10 associate companies, 3 joint ventures and 2 joint operations as at 31 March 2019. During the year, the following companies became subsidiaries,associates and joint ventures of the company. Spark44 Taiwan Limited (Taiwan) was incorporated with effect from 07 May 2018. Jaguar Land Rover Classic USA LLC was incorporated with effect from 01 June 2018 (dormant). Jaguar Land Rover Hungary KFT was incorporated with effect from 30 July 2018. Jaguar Land Rover Classic Deutschland GmbH was incorporated with effect from 10 August 2018. InMotion Ventures 4 Limited was incorporated with effect from 04 January 2019. Tata Toyo Radiator Limited was converted from a joint venture to subsidiary company with effect from 01 July 2018. Loginomic Tech Solutions Private Limited ('TruckEasy') stake acquired with effect from 10 July 2018. Automotive Skill Training Pvt. Ltd. converted into Private Limited Company from Section 25 Company with effect from 10 December 2018 (formerly Automotive Skills Training Foundation). TitanX Engine Cooling, Poland incorporated with effect from 25 April 2018. TML Drivelines Limited merged with the Company with effect from 30 April 2018 and consequently Authorised Share Capital of the Company increased from Rs 3,900 crore to Rs 4,000 crore. The Jaguar Collection Limited (dormant) dissolved with effect from 19 June 2018. Entire shareholding in TAL Manufacturing Solutions Limited ('TAL') sold to Tata Advanced Systems Limited with effect from 29 March 2019 after acquisition of the non-aerospace business from TAL. Serviplem S.A.U. liquidated with effect from 06 February 2019. During FY2020, the company spent towards Capital expenditure totalled Rs 31,222 crore. The Company has 103 subsidiaries (13 direct and 90 indirect), 10 associate companies, 3 joint ventures and 2 joint operations as at 31 March 2020. During the year, the following companies became subsidiaries,associates and joint ventures of the company. Brabo Robotics and Automation Limited ('BRAL') was incorporated on 17 July 2019, as a wholly owned subsidiary of Tata Motors Limited (TML), with an operating plan to take-over the robotics and factory automation (RAB) division of TML as a going concern. The RAB business of TAL Manufacturing Solutions Limited was transferred to TML w.e.f. 30 April 2019. JLR Ventures Limited was incorporated with effect from 16 May 2019. JLR (Ningbo) Trading Co., Limited was incorporated with effect from 04 November 2019. Bowler Motors Limited was incorporated as JLR Auto Ventures Limited, with effect from 13 December 2019 and its name changed on 28 January 2020. TML Business Analytics Services Limited (a subsidiary of TML Business Services Limited) was incorporated on 04 April 2020. Automotive Skill Training Pvt. Limited voluntarily struck off with effect from 18 April 2019. The Company has 103 subsidiaries (14 direct and 89 indirect), 9 associate companies, 4 joint ventures and 2 joint operations as at March 31, 2021. During FY 2020-21, JT Special Vehicles Private Limited, ceased to be joint venture and became a wholly-owned subsidiary, consequent to 50% share transfer from Jayem Automotive Private Limited w.e.f August 11, 2020. In-Car Ventures Limited transferred 100% shareholding from InMotion Ventures Limited to Jaguar Land Rover Holdings Limited effective from February 18, 2021. Tata Technologies Europe Limited transferred 100% shareholding from INCAT International PLC to Tata Technologies Pte. Limited (Singapore) w.e.f. May 27, 2020. Tata Technologies Nordics AB transferred 100% shareholding from Tata Technologies Europe Limited (UK) to Tata Technologies Pte. Limited (Singapore) w.e.f. August 26, 2020. Cambric GmbH was liquidated w.e.f September 17, 2020. In January 2021, the Company launched its premium flagship SUV - the all-new Safari. The Company has 86 subsidiaries (14 direct and 72 indirect), 10 associate companies, 4 joint ventures and 2 joint operations as at March 31, 2022. During FY 2021-22, TML Distribution Company Limited merged with TML Business Services Limited w.e.f April 1, 2021, being the Appointed date. Inchcape JLR Europe Limited was incorporated on August 31, 2020 and it became associate of the Company w.e.f April 30, 2021. TML CV Mobility Solutions Limited was incorporated on June 7, 2021, as a wholly owned subsidiary of Company. Shareholding in Tata Marcopolo Motors Limited increased from 51% to 61.86% w.e.f November 15, 2021. Tata Passenger Electric Mobility Limited (TPEML) was incorporated on December 21, 2021, as a wholly owned subsidiary of the Company. Tata Motors Passenger Vehicles Limited (name changed from TML Business Analytics Services Limited w.e.f September 17, 2021) ceased to be subsidiary of TML Business Services Limited and became the direct subsidiary of Tata Motors Limited w.e.f. January 1, 2022. Tata Motors European Technical Centre PLC, ceased to be direct subsidiary of Tata Motors Limited and became a wholly owned subsidiary of TMPVL on March 10, 2022 and thereafter became a wholly owned subsidiary TPEML w.e.f March 28, 2022. INCAT GmbH which was under liquidation w.e.f. January 25, 2017, was revived and its name was changed to Tata Technologies GmbH w.e.f March 30, 2022. Spark 44 Group comprising of Spark 44 (JV) Limited and it's 16 subsidiaries was sold on March 31, 2022. In October 2021, the Company launched India's first sub-compact SUV 'PUNCH'. In January 2022, it introduced advanced iCNG technology in Tiago and Tigor, powered by the Revotron 1.2L BS VI engine which produces maximum power of 73PS . In 2021, it introduced the New Range Rover. On August 24, 2021, the NCLT, had vide its Order sanctioned Scheme of Arrangement between Company and TML Business Analytics Services Limited (TMLBASL) (presently known as Tata Motors Passenger Vehicles Limited) and their respective shareholders, for transfer of Company's Passenger Vehicles Business Undertaking to TMLBASL, which was made effective from January 1, 2022. The launches in FY22, included introduction of new CNG variants, gasoline (Bifuel), and extended range variants of existing products. It o launched E-Dukaan, an online marketplace for spare parts to enable contactless, hassle-free and transparent ordering of spare parts by customers. In FY22, it launched exciting products in the form of Tigor EV and Nexon EV with extended range and Xpres-T EV for fleet segment. New launches included Tata 407 CNG, ACE petrol DX, ACE EV, Tata Punch, New Tigor EV, Nexon EV Max, New RR and New RR sport. During FY22, Company operationalised two subsidiaries: Tata Motors Passenger Vehicles Ltd to focus on passenger vehicles powered by IC engines and Tata Passenger Electric Mobility Limited to focus on accelerating the passenger EV business and its enabling ecosystem. It signed an agreement with TPG Rise Climate to invest Rs. 7,500 crore in passenger EV business and secure a 11% - 15% shareholding in their business. During the year 2022-23, Trilix S.r.l, ceased to be Wholly Owned Subsidiary (WOS) of Tata Motors Passenger Vehicles Limited (TMPVL) and became a WOS of Tata Passenger Electric Mobility Limited (TPEML) w.e.f April 28, 2022. TML Smart City Mobility Solutions Limited was incorporated on May 25, 2022, as a direct subsidiary of Tata Motors Limited. TML Smart City Mobility Solutions (J&K) Private Limited was incorporated on October 13, 2022, as a direct subsidiary of TML Smart City Mobility Solutions Limited, a direct subsidiary of Tata Motors Limited. JT Special Vehicles Private Limited was renamed to Jaguar Land Rover Technology and Business Services Private Limited with effect from April 12, 2022. The Company acquired entire shareholding in Tata Marcopolo Motors Limited (TMML), held by Marcopolo SA., Joint Venture Partner and TMML became the Company's WOS w.e.f August 29, 2022. Consequently, the name of TMML was changed to Tata Motors Body Solutions Limited w.e.f. December 30, 2022. During FY 2022-23, the Company launched Tiago EV, TATA Ace EV, India's first commercially launched 4-wheeled electric mini truck and Intra Bi-fuel, India's first Bi-Fuel pick-up truck. The Xenon X2, with double and single cabin, was launched in strategic overseas markets. During FY 2022-23, Tata Motors created new trucking history with the launch of India's first CNG-powered Medium & Heavy Commercial Vehicle (M&HCV) truck. 7 new Intermediate & Light Commercial Vehicles (I&LCV) trucks LPK 610, LPT 709g XD, SK 710, Ultra T.12g, Ultra K.14, LPT 1512g, Ultra T.16 Cx were launched. On Small Commercial Vehicles front, company launched Yodha 2.0, Intra V20 bi-fuel and Intra V50 which are ideal to service the diverse mobility needs of the fast-growing agriculture, poultry and dairy sectors as well as the expanding delivery requirements of FMCG, e-commerce and logistics sectors.

Tata Motors Ltd Chairman Speech

Tata Motors Croup is now operating as three independent business units of Commercial Vehicles, Passenger Vehicles and Jaguar Land Rover offering differentiated value propositions to their different customer segments whilst leveraging backend and corporate synergies where possible.

Dear Shareholders,

It is my privilege to write to you to present the Annual Report for FY22. I hope this letter finds you in good health.

Recent history has been relentless with the global pandemic, military conflict, growing inequality, supply chain shortages and more. Decades of experience has been squeezed into two dizzying years. Businesses have had to cope with this unprecedented sequence of events with speed and agility. While these changes have had a serious impact on businesses and communities, they have also accelerated some important trends for the future viz. i) Energy transition - irreversible move to green mobility, ii) Supply Chain Transition - rebalancing of supply chains to become resilient, iii) Digital transition - Artificial Intelligence and Machine Learning becoming mainstream and iv) Talent transition - coming of age of the Talent Cloud - a diverse, inclusive, global talent pool that can be accessed remotely.

FY22 was a busy year for your Company as it navigated these challenges to successfully strengthen the fundamentals of the business. Global wholesales increased by 20% to 1,086,734 vehicles and revenues stood at ?278,454 crore, 11.5% higher as compared to FY21. EBIT margin stood at 0.7%, 190 bps lower as compared to FY21 due to impact of commodity inflation and semiconductor shortages, although we saw a sequential recovery.

Free cash flow (automotive) in the year was negative at ?9,472 crore (as compared to positive ?5,317 crore in FY21), primarily due to adverse working capital. The business showed strong sequential recovery with positive free cash flow (automotive) of ^ 11,916 crore in H2 of FY22.

Despite the margins being impacted by supply chain issues and runaway commodity inflation, our India business ended with strong free cash flows of ?1,879 crore. We are committed to restoring the profitability of this business as it returns to competitive growth and inflation stabilises.

Tata Motors Group is now operating as three independent business units of Commercial Vehicles, Passenger Vehicles and Jaguar Land Rover, offering differentiated value propositions to their different customer segments whilst leveraging backend and corporate synergies where possible. This has made Tata Motors lean, nimble and customer centric. Each of these businesses are self-sustaining which gives me the confidence that we will get to near zero net automotive debt by FY24.

Commercial Vehicles: In Commercial Vehicles, our offerings of smart, future ready mobility solutions with the lowest TCO (Total Cost of Ownership) have been well received. We launched over 80 new products and 120 variants across segments, to cater to the evolving needs of seamless cargo and people transport across sub segments and applications. We gained domestic market share in all segments vs FY21 - M&HCV to 58.2% (+10 bps), ILCV to 49.0% (+310 bps), Buses and Vans to 44.8% (+420 bps) and turned around SCV to 39.1% (+160 bps), to record a consolidated 44.9% (+250 bps). The Commercial Vehicles segment volumes grew by 37% in FY22, revenues grew by 58%, while EBIT margins improved by modest 130 bps, affected by the sharp commodity inflation.

Passenger and Electric Vehicles: The Passenger Vehicles segment was once again the standout performer during the year. Preference for our 'New Forever' range of vehicles continues to rise and we introduced over 25 new products and variants to lead in the fastest growing market segments. Our "Reimagine PV" strategy to rejuvenate the front-end sales system, dealership network and customer experience, is delivering excellent results. PV recorded its highest ever domestic annual sales of 3,70,354 units in FY22. Overall domestic market share increased to 12.1% (+390 bps vs FY21) and further to 13.4% in Q4 FY22.

The Passenger Vehicles segment grew volumes by 67%, revenues by 90% and EBIT margins improved by 750 bps with positive free cash flows in FY22. In Electric Vehicles, new records were set every quarter to register the highest ever annual EV sales of 19,105 units in FY22 (up 353% vs FY21) with penetrations touching 7.4% by Q4 FY22.

During FY22, we operationalised two subsidiaries: Tata Motors Passenger Vehicles Ltd to focus on passenger vehicles powered by 1C engines and Tata Passenger Electric Mobility Limited to focus on accelerating the passenger EV business and its enabling ecosystem. We entered into a definitive agreement with TPG Rise Climate for them to invest ?7,500 crore ($1.0B) in the passenger EV business to secure a 11% - 15% shareholding in this business.

Jaguar Land Rover: Jaguar Land Rover has embarked on the "Reimagine" journey to embrace an "electric future" and transform into a digitally-savvy, modern luxury business delivering strong financial results.

During the year, we saw the successful global launch of the award-winning New Range Rover, while customer deliveries of the Land Rover Defender continued across 94 markets, with 107,208 units sold by the end of FY22.

The global shortage of semiconductors had a disproportionately adverse impact on Jaguar Land Rover's production and sales compared to our competitors.

Even though we took various steps to address the issue, the situation continues to remain challenging. This is a key issue facing Jaguar Land Rover and we are working assiduously to address the same during FY23. This should aid a gradual recovery in performance through the year.

The Company delivered a resilient performance during the year despite a fall in revenues by reducing its breakeven to 320,000 units. While production and sales remained significantly constrained, the business continued to see strong demand for its products, with global retail orders at record levels thanks to strong demand for Defender and New Range Rover.

Revenue fell 7% to ?18.3 billion, whilst the Company's EBIT margins fell to negative 0.4 %, with lower volumes impacting working capital in the first half of the financial year resulting in a free cash outflow of ?1.2 billion.

Retail sales declined 14% for the year.

Looking beyond the near-term challenges outlined above, Jaguar Land Rover is in a strong position with a portfolio of attractive premium luxury products, a healthy customer order bank, low break-evens, and the right future ready strategy to support its distinctive and renowned British brands in a rapidly changing legislative and commercial landscape.

Sustainability: Our roadmap to Net Zero

The shift to sustainable mobility is irreversible and the Tata Motors Group will be amongst the leaders of green mobility globally as we target Net Zero emissions (Scope 1, 2 and 3) by 2039 for Jaguar Land Rover 2040 for PVs and 2045 for CV and actions are already underway to deliver the same.

Jaguar Land Rover: The Jaguar brand will become fully electric by 2025 and Land Rover shall have 6 BEVs by 2026. 60% of Jaguar Land Rover's volumes will be pure BEV vehicles by 2030.

Passenger Vehicles: In India, EV penetration in our portfolio is likely to increase further to 25% in 5 years from 7.4% as of Q4 FY22. By 2025 Tata Motors will have 10 EVs. The unveil of the long range "Nexon EV Max", showcase of "CURVV" Electric SUV concept and the unveil of the "AVINYA" concept, a pure EV based on GEN3 architecture, show the exciting possibilities ahead of us.

Commercial Vehicles: We launched ACE EV, the last mile connectivity vehicle that garnered 39,000 orders on the day of the launch from marquee e-commerce customers.

"Tata UniEVerse": As a Tata Group, we will proactively set up the charging infrastructure across the country. The Group is also actively exploring partnerships in battery cell manufacturing in India and Europe to secure our EV supply chain.

In summary: Tata Motors is taking concerted actions to be future ready and create a virtuous cycle of growth and returns for our shareholders. I would like to welcome you on this journey. While the near-term outlook is fluid with multiple challenges that I outlined above, the business is taking the right actions to navigate them, and I am confident that we will emerge stronger.

I would like to take this opportunity to thank all our employees for their immense contributions in these trying times. I would also like to thank you shareholders for your continued trust and support.

Best regards,

(Rs. in crore)

* The results of Passenger Vehicle (Rs.PVRs.) undertaking along with joint operation Fiat India Automobiles Private Limited (Rs.FIAPLRs.) for the period April 1, 2021 to December 31, 2021 has been disclosed as discontinued operations.

** It includes the CompanyRs.s proportionate share of income and expenditure in its joint operations, namely, Tata Cummins Private Limited.

FINANCIAL PERFORMANCE

The commitment of the Company to cater to the aspirations of its valued customers, sustained efforts in creating the right teams and culture and embedding innovation, technology and sustainability at the core of its business has resulted in your Company achieving an improved financial performance through better volumes, improved product mix and cost savings.

Consolidated revenue of the Company from operations was Rs.3,45,967 crore in FY 2022-23, which was 24.2% higher than the revenue of Rs.2,78,454 crore in FY 2021-22 and the highest ever revenue in the history of the Company.

The consolidated EBITDA margin was at 10.7% in FY 2022-23 as compared to 9.6% in FY 2021-22. EBIT margin stood at 3.6% in FY 2022-23 as compared to 0.7% for FY 2021-22. Profit for the period (including share of associates and joint ventures) stood at Rs.2,690 crore in FY 2022-23 as compared to loss of (Rs.11,309 crore) in FY 2021-22.

The free cash flow (auto) was positive at Rs.7840 crore in FY 2022-23 compared to a free cash flow (auto) negative at Rs.9,472 crore in FY 2021-22.

Please refer to the paragraph on Operating Results in the Management Discussion & Analysis section for detailed analysis.

Standalone revenue from operations (including joint operations, excluding discontinued operations) was Rs.65,757 crore in FY 2022-23 which was 39% higher than the revenue of Rs.47,264 crore in FY 2021-22. The profit before and after tax (including joint operations) for FY 2022-23 were Rs.1,255 crore and Rs.2,728 crore, respectively as compared to loss before and after tax (including joint operations) of Rs.1,640 crore and Rs.1,391 crore, respectively for FY 2021-22. The Company has recognized deferred tax asset of Rs.1,615 crore because of arising from planned divestments which will yield capital gains against which such unabsorbed depreciation and capital loss will be set off.

Jaguar Land Rover (Rs.JLRRs.), (as per IFRS) recorded revenue of GBP 22.8 billion in FY 2022-23 compared to GBP 18.3 billion in FY 2021-22, up by 24.5%. For FY 2022-23, wholesales (excluding China joint venture) were 3,21,362, up by 9% and retails were 3,54,662, down by 6%. This reflects the continued improvement we are seeing in the ongoing semiconductor constraints, while FY 2021-22 retails were supported by one time inventory reductions. While full year financial results reflect the constrained sales volumes, the continuing reduction in our breakeven point through revenue and cost

management under the Refocus transformation programme enabled the Company to achieve positive margins and cash flow for the year. Loss before tax and exceptional items was GBP 64 million in FY 2022-23, an improvement compared to the GBP 412 million loss before tax and exceptional items in FY 2021-22, reflecting the improvement in y-o-y volumes.

Dividend Distribution Policy

Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Rs.SEBI Listing RegulationsRs.), the Board of Directors of the Company had formulated a Dividend Distribution Policy (Rs.the PolicyRs.). The Policy is available on the CompanyRs.s website URL: https://investors.tatamotors. com/pdf/dividend-distribution-policy.pdf

Declaration and Payment of Dividend

Considering the CompanyRs.s improved financial performance, the Board is pleased to recommend a dividend of Rs.2.00 per Ordinary share of Rs.2.00 each (100%) and Rs.2.10 per Rs.ARs. Ordinary share of Rs.2.00 each (105%) for FY 2022-23. The Board has recommended such dividend based on the parameters laid down in the Policy and dividend will be paid out of the profits for the year.

The said dividend, if approved by the Members at the ensuing Annual General Meeting (Rs.the AGM") will be paid to those Members whose name appears on the register of Members (including Beneficial Owners) of the Company as at the end of July 29, 2023. The said dividend, if approved by the Members, would involve cash outflow of Rs.771 crore, resulting in a payout of 28% of the standalone net profit of the Company for FY 2022-23.

Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of the Members w.e.f. April 1, 2020 and the Company is required to deduct tax at source from dividend paid to the Members at prescribed rates as per the Income Tax Act, 1961.

Book Closure and Record Date

The Register of Members and Share Transfer Books of the Company will be closed from Saturday, July 29, 2023, to Tuesday, August 8, 2023 (both days inclusive) and the Company has fixed Saturday, July 29, 2023 as the "Record Date" for the purpose of determining the entitlement of Members to receive final dividend for the financial year ended March 31, 2023.

BOARDRs.S REPORT

TRANSFER TO RESERVES

The Board of Directors has decided to retain the entire amount of profit for FY 2022-23 in the distributable retained earnings.

An amount of Rs. 199.80 crore and Rs. 1.30 crore was transferred from Debenture Redemption Reserve and Share based payments reserve respectively, to distributable retained earnings, as at March 31, 2023.

BUSINESS PERFORMANCE

Tata Motors Group sales for FY 2022-23 stood at 12,84,898 vehicles, up by 24% as compared to FY 2021-22. Global sales of all Commercial Vehicles were 4,22,580 vehicles, while sales of Passenger Vehicles were at 8,62,318 vehicles.

Please refer to the paragraph on Overview of Automotive Operations in the Management Discussion & Analysis section for detailed analysis.

Commercial Vehicles (Rs.CVRs.)

The Indian CV Industry continued the growth trajectory and overall, the industry saw a robust growth of 34% in wholesale and 38% by VAHAN registrations in FY 2022-23. This growth was primarily led by the Medium and Heavy Commercial Vehicle (Rs.M&HCVsRs.) (+52.4% vs FY 2022-23) and continued robust recovery in passenger carriers (+155% in FY 2022-23). This growth was catalysed by robust demand for heavy trucks required to service the strong infrastructure push by the Government of India and increased activity in e-commerce, construction, and mining. Higher replacement demand, advance buying in anticipation of price hikes, further buoyed the demand in Q4 FY 2022-23. Overall, Tata Motors CV domestic sale in FY 2022-23 was 22% higher than in FY 2021-22, while domestic VAHAN registrations volumes were 29% higher than FY 2021-22.

CV business recorded its highest ever revenue for the quarter Q4 FY 2022-23 and for the FY 2022-23. We revised our operating model to deliver "Profitable Growth". Shifting gears from "supply chain push" to "retail pull", which impacted registration VAHAN market share in October 2022, however, the share has sequentially grown thereafter in second half.

CV business improved on key customer facing metrics and its Net Promoter Score and Brand power increased by 300bps and 170 bps, respectively to reach their highest ever levels. The business also improved its Composite Customer Satisfaction Index from 792 to 813 (+3%) in FY 2022-23.

The CV Business transitioned its entire portfolio to BSVI Phase II with improved competitiveness. In FY 2022-23, 40+ products and 150+ variants were launched. The business also shared

its Green portfolio plans through 14 exhibits across all future powertrain technologies at Auto Expo23.

Tata Motors achieved Industry Leadership band in Tata Business Excellence Model (Rs.TBEMRs.) external assessment qualifying for JRD QV award, with significant jump in score across categories. Tata Motors CV was assigned Level-5, Exemplary category in recent CII Total Cost Maturity (Rs.TCMRs.) assessment, the highest achieved score by any organization.

CV exports, remained subdued due to the prevailing economic situation in most overseas markets. In FY 2022-23 the export shipments were 42% lower than FY 2021-22, while revenue was down by 22% due to improved mix. Major drop was witnessed in the SAARC region (-62%) driven by Total Industry Volume (Rs.TIVRs.) softening, forex shortages, and liquidity crunch in the latter half of the year. MENA and ASEAN regions witnessed 6% y-o-y growth in exports. The business retained or grew its market share and also sequentially improved margins across most markets.

Please refer to the paragraph on Commercial Vehicles in India in the Management Discussion & Analysis section for detailed analysis.

Passenger Vehicles (Rs.PVRs.)

The PV industry recorded 27% y-o-y wholesale growth in FY 2022-23. The industry recorded highest ever annual wholesale volumes of 3.8 million in FY 2022-23. Sports Utility Vehicle (Rs.SUVsRs.) continue to garner larger share of sales in the market. The growth has come on the back of pent-up demand in the first half of FY 2022-23, exciting launches, good festive demand and overall increase in supplies. Share of SUVs increased to 43.1% in FY 2022-23, 3% higher than FY 202122 and share of Hatches decreased to 34.5% in FY 2022-23, 3.1% lower than FY 2021-22. Share of Sedans, MPVs and Vans remained flat at around 10.5%, 8.5% and 3.5%, respectively.

In FY 2022-23, the PV business crossed the coveted milestone of 5 lakh annual vehicle sales first time in the history and became the 3^rd manufacturer to do so in the Indian market. Domestic wholesale volumes were 539K and VAHAN market share stood at 13.5% in FY 2022-23, an increase of 210bps vis-a-vis FY 2021-22. The growth has come on the back of continued response for the product range, thoughtful Rs.New ForeverRs. interventions, multi-powertrain options, focused reimagining initiative towards demand generation and consistent increase in supplies. For the year FY 2022-23, the SUV segment achieved market share of 21.4% and emerged as #1 SUV manufacturer for FY 2022-23.

In January 2023 at Auto Expo, 12 promising showcases which include Avinya, Sierra EV, Harrier EV, Curvv ICE, Altroz and Punch CNG with twin cylinder technology and Altroz

Cafe racer were displayed. The #DARK (Red Hot Dark) versions for Nexon, Harrier and Safari were launched in February 2023, extending the lineage of the iconic #DARK philosophy and already established strong design, these SUVs exude dynamism through the newly added Carnelian Red highlights, giving it an exclusive premium feel combined with a bold look. Harrier and Safari were further enhanced with a desirable larger infotainment Screen of 26.03 cm (10.25 inch) and 10 new ADAS features.

PV exports for FY 2022-23 closed at 2,451 units, 36% higher than previous year, largely on account of market recovery and penetration of Electric Vehicle in Nepal. Major highlights for FY 2022-23 was that the business achieved highest ever shipment market share of 50.1% in Nepal. Nexon remained the highest selling Brand name and Tigor remained the highest selling Sedan in Nepal.

Please refer to the paragraph on Tata Passenger Vehicles in the Management Discussion & Analysis section for detailed analysis.

Electric Vehicles (Rs.EVRs.)

EV industry witnessed significant growth in FY 2022-23 owing to progressive EV polices launched by multiple state governments, launch of new products, proliferation of public charging infrastructure, increasing awareness of home charging and increasing acceptance of EVs amongst customers. The industry grew by Rs.170% from Rs.22,000 in FY 2021-22 to Rs.59,000 in FY 2022-23. EV fleet demand has seen a considerable growth in FY 2022-23 as corporates started Rs.work-from-officeRs. and people re-started using ride hailing services with receding of Covid-19 scare. In addition, owing to commitment towards sustainability, both Corporates and Ride hailing companies, are driving the agenda of converting respective fleets to electric.

Tata Motors continued to lead the charge in EVs and crossed 50,000 units (50,0043) sales, including International business sales, in FY 2022-23 registering growth of 154% over FY 202122. We exited Q4 FY 2021-23 with EV penetration Rs.12% in our portfolio. In addition, given our compelling offering, the Tigor EV, for the fleet segment and our continuous engagement with fleet operators, we garnered the largest share of the orders floated across industry. In FY 2022-23, we signed MoUs for deploying over 45,000 EVs to multiple service providers.

JAGUAR LAND ROVER (Rs.JLRRs.)

JLR wholesales (excluding the China joint venture) were 3,21,362 vehicles in FY 2022-23, up 9% compared to FY 2021-22 reflecting the gradual improvement in chip supplies. JLR retail sales (including the China joint venture) were 3,54,662 vehicles in

FY 2022-23, down 6% y-o-y as a result of destocking of inventory during FY 2021-22 creating a timing difference vs wholesales. Retail sales have been improving during FY 2022-23.

Please refer to the paragraph on JLR in the Management Discussion & Analysis section for detailed analysis.

Some of the key highlights of FY 2022-23 were:

• Order book at Rs.200,000 units remained strong but as expected was down from the peak of around 215,000 units.

• Ramp up of the new Range Rover and Range Rover Sport approaching target production levels.

• Demand for Defender remained well ahead of the expectations at launch and was the best-selling model in FY 2022-23. A third shift has been added in Nitra to meet customer demand.

• Strong engagement with chip suppliers continued to secure in calender year 2023 and 2024 supplies.

• Pricing and mix have been managed throughout the year to offset the impacts of inflation leading to an increase in average wholesale price to dealers from ?62k per unit in FY 2021-22 to ?71k per unit in FY 2022-23.

Tata Daewoo Commercial Vehicle Company Limited (Rs.TDCVRs.)

The revenues for FY 2022-23 were increased by 6.5% to KRW 937.89 billion as compared to KRW 880.74 billion in FY 2021-22. Overall sales volume increased by 0.4% to 9,493 units in FY 2022-23 from 9,454 units in FY 2021-22. From the second half of FY 2022-23, domestic sales were adversely impacted due to downturn in Korean economy, which was compensated by strong demand in exports.

Please refer to the paragraph on Tata Commercial Vehicles and Tata Passenger Vehicles in the Management Discussion & Analysis section for detailed analysis.

TMF Holdings Limited (Rs.TMFHLRs.)

Covid-19 linked concessions granted to creditors, affected the restructured book in first half of FY 2022-23, resulting in a sharp increase in credit losses during the year. The Company also increased provisions on restructured book to cover for expected losses. Tata Motors Finance Group Assets Under Management (Rs.AUMRs.) reduced by 4.2% y-o-y to Rs.43,338 crore, as against Rs.45,220 crore in the previous year. CV market share dropped to 17% due to aggressive competition from Banks in heavy commercial vehicle space. Net Income Margins shrunk from 5.2% to 5.0%, mainly on account of an increase in borrowing rates during the year. Gross Non-Performing Assets provision coverage increased from

BOARDRs.S REPORT

43% as of March 31, 2022 to 48% as of March 31, 2023. As a result, consolidated profit before tax for FY 2022-23 was at loss of Rs.993 crore as against profit of Rs.101 crore in FY 2021-22.

Please refer to the paragraph on Tata and other brand vehicles- Vehicle Financing in the Management Discussion & Analysis section for detailed analysis.

SHARE CAPITAL

During the year, the Company issued and allotted 6,82,318 Ordinary shares of Rs.2/- each of the Company, pursuant to exercise of stock options by the eligible employees of the Company and its subsidiary companies, under the Tata Motors Limited Employees Stock Option Scheme 2018. As a result of such allotment, the paid up share capital increased from Rs. 765,88,07311 (comprising of 3,82,91,64,903 equity share of Rs. 2/- each) to Rs. 766,01,71,947 (comprising of 3,82,98,47221 equity share of Rs. 2/- each). The shares so allotted rank pari-passu with the existing share capital of the Company. Expect as stated herein, there was no other change in the share capital of the Company.

FINANCE & CREDIT RATING

Despite challenges caused by supply chain issues at JLR, the Tata Motors Group managed its finances prudently, meeting the business needs and maintaining sufficient liquidity at all times to navigate the impact of external challenges. In FY 2022-23, owing to strong business performance, Tata Motors Limited prepaid some of its long-term borrowings, in line with its commitment to deleverage. The Company prudently managed its finances in rising interest rate scenario. The Company did not raise any long-term debt in FY 2022-23. As at March 31, 2023, the Group liquidity for domestic operations was Rs.9,233 crore, whereas the liquidity at JLR was ? 5.3 bn (including unutilized credit facility of ?1.5 bn). The net debt for domestic operations stood at Rs.6,159 crore, whereas the net debt at JLR was ? 3.0 bn.

As business performance improved sequentially, the credit ratings of the Company underwent positive revisions. In February 2023, ICRA upgraded the outlook to Positive from Stable, whereas in April 2023, S&P upgraded the credit rating of the Company from BB-/Stable to BB/Stable.

Please refer to the paragraph on Credit Ratings in Corporate Governance Report and Liquidity and Capital Resources in the Management Discussion & Analysis section for detailed analysis.

Material Changes and Commitment Affecting the Financial Position

There are no material changes affecting the financial position of the Company subsequent to the close of the FY 2022-23 till the date of this Report.

CONSOLIDATED FINANCIAL STATEMENT

The consolidated financial statements of the Company and its subsidiaries for FY 2022-23 have been prepared in compliance with the applicable provisions of the Companies Act, 2013 (Rs.the ActRs.) and as stipulated under Regulation 33 of SEBI Listing Regulations as well as in accordance with the Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015. The audited consolidated financial statements together with the Independent AuditorRs.s Report thereon form part of this Annual Report.

Pursuant to Section 129(3) of the Act, a statement containing the salient features of the Financial Statement of the subsidiary companies is attached to the Financial Statement in Form AOC-1.

Further, pursuant to the provisions of Section 136 of the Act, the Company will make available the said financial statement of the subsidiary companies upon a request by any Member of the Company or its subsidiary companies. These financial statements of the Company and the subsidiary companies will also be kept open for inspection by any member. The members can send an e-mail to inv rel@tatamotors.com upto the date of the AGM and the same would also be available on the CompanyRs.s website URL: https://www. tatamotors.com/investors/annual-reports/

SUBSIDIARY, JOINT ARRANGEMENTS AND ASSOCIATE COMPANIES

The Company has 88 subsidiaries (15 direct and 73 indirect), 11 associate companies, 4 joint ventures and 2 joint operations as at March 31, 2023, as disclosed in the accounts.

A diagrammatic representation of the subsidiary structure is available on the CompanyRs.s website at: https://www. tatamotors.com/investors/annual-reports/

During FY 2022-23, the following changes have taken place in subsidiary / associates / joint venture companies:

• Trilix S.r.l, ceased to be Wholly Owned Subsidiary (Rs.WOSRs.) of Tata Motors Passenger Vehicles Limited (Rs.TMPVLRs.) and became a WOS of Tata Passenger Electric Mobility Limited (Rs.TPEMLRs.) w.e.f April 28, 2022.

• TML Smart City Mobility Solutions Limited was incorporated on May 25, 2022, as a direct subsidiary of Tata Motors Limited.

• TML Smart City Mobility Solutions (J&K) Private Limited was incorporated on October 13, 2022, as a direct subsidiary

of TML Smart City Mobility Solutions Limited, a direct subsidiary of Tata Motors Limited.

• JT Special Vehicles Private LimitedRs.s name was changed to Jaguar Land Rover Technology and Business Services Private Limited with effect from April 12, 2022.

• The Company during the year has completed the procedural requirements mentioned under the Share Purchase Agreement executed between Marcopolo S.A, Joint Venture Partner, Tata Marcopolo Motors Limited (Rs.TMMLRs.) and the Company for acquiring the entire shareholding in TMML held by Marcopolo SA. TMML became the CompanyRs.s WOS w.e.f August 29, 2022. The name of TMML was changed to Tata Motors Body Solutions Limited w.e.f. December 30, 2022.

• TPEML, a WOS of the Company recieved the second tranche of investment amount Rs.3,750 crore from TPG Rise Climate (Rs.TPGRs.) in January 2023, pursuant to the Shareholders Agreement (Rs.SHARs.) signed in November 2021. With this investment, TPG completed its investment of Rs.7,500 crore as contemplated in the SHA.

There has been no material change in the nature of the business of the subsidiary companies.

The policy for determining material subsidiaries of the Company is available on the CompanyRs.s website URL: https:// investors.tatamotors.com/pdf/material.pdf

RISK MANAGEMENT

The Board of Directors of the Company has constituted a Risk Management Committee to frame, implement, monitor and review the Risk Management plan and to ensure its effectiveness.

Through an Enterprise Risk Management Program, the business units and the corporate functions address their short term, medium term and long terms risks. The Audit committee has an additional oversight on the financial risks and controls.

Please refer to the paragraph on the Risk factors in the Management Discussion & Analysis section for detailed analysis.

INTERNAL FINANCIAL CONTROL SYSTEMS AND ADEQUACY

The CompanyRs.s internal control systems are commensurate with the nature of its business, the size and complexity of its operations and such internal financial controls with reference to the Financial Statements are adequate.

Please refer to the paragraph on Internal Control Systems and their Adequacy in the Management Discussion & Analysis section for detailed analysis.

HUMAN RESOURCES

Please refer to the paragraph on Human Resources / Industrial Relations in the Management Discussion & Analysis section for detailed analysis.

DIVERSITY AND INCLUSION

The Company believes that diversity and Inclusion at workplace helps nurture innovation, by leveraging the variety of opinions and perspectives coming from employees with diverse age, gender and ethnicity. The Company has organized a series of sensitisation and awareness campaigns, to help create an open mind and culture. The network of Women@Work and the Diversity Council has widened to location councils as we move along the journey. Women development and mentoring programme have increased, with clear focus on nurturing their career journeys, to help the Company build a pipeline of diversified leaders in near future.

The Company employed 7.64% women employees in FY 2022-23 vis- a-vis 4.97 % in FY 2021-22.

PREVENTION OF SEXUAL HARASSMENT

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder. Internal Complaints Committee (Rs.ICCRs.) is in place for all works and offices of the Company to redress complaints received regarding sexual harassment.

During FY 2022-23, the Company had received eleven complaints on sexual harassment of which six have been suitably closed in accordance with the CompanyRs.s processes. The pending cases are largely cases that were registered in Q4 FY 2022-23 and are in various stages of enquiry / redressal (of the five open cases, three have been closed as of May 12, 2023). The Company organized over 279 awareness workshops across various locations in order to cover flexible and temporary workforce, contractual staff, blue collar employees, new joiners etc. covering approximately 12,500 resources. An e- module on Prevention of Sexual Harrasment (Rs.POSHRs.) awareness is rolled out as a mandatory training for all permanent White collar employees from time to time and mandatory for new joiners on joining. In order to ensure uniform understanding and larger coverage, a video based awareness module has been developed in local languages

for the blue collar and contractual employees and is ready for deployment.

Tata Motors Limited Schemes (Rs.SchemesRs.)

The Company has in force the following Schemes, which were framed under the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (Rs.SBEB RegulationsRs.):

• Tata Motors Limited Employees Stock Option Scheme 2018 (Rs.TML ESOP 2018Rs.); and

• Tata Motors Limited Share-based Long Term Incentive Scheme 2021 (Rs.TML SLTI Scheme 2021Rs.).

TML ESOP 2018

Pursuant to the approval of Members at the AGM held on August 3, 2018, the Company adopted TML ESOP 2018, in order to retain and incentivize key talent, for driving long term objectives of the Company and ensuring that employee payoffs match the long gestation period of certain key initiatives whilst simultaneously fostering ownership behavior and collaboration amongst employees. The TML ESOP 2018 was implemented for grant of not exceeding 1,38,00,000 Stock Options in aggregate to entitle the grantees to acquire, in one or more tranches, not exceeding 1,38,00,000 Ordinary Shares of the Company of the face value of Rs. 2/- each at an Exercise price of Rs. 345/- per share.

During the FY 2022-23 at the AGM held on July 4, 2022 Members approved amendment in TML ESOP 2018. As of March 31, 2023, out of the said 81,47,633 stock options so granted, 24,96,465 stock options have been vested, out of which 11,13,230 stock options have been exercised. Further, stock options 19,34,853 remained unvested and 2,72,335 stock options had been treated as lapsed and forfeited.

Subsequently, the Company had allotted 79,821 Ordinary Shares of Rs.2/- each during the period from April 1, 2023 to the date of this Report under TML ESOP 2018.

TML SLTI Scheme 2021

Pursuant to the approval of Members at the AGM held on July 30, 2021, the Company adopted TML SLTI Scheme 2021. The TML SLTI Scheme comprises of two reward mechanisms; (a) Performance Share Units, and (b) Stock Options. The objective of TML SLTI Scheme 2021 is to reward Eligible employees of the Company and of the subsidiary companies, to drive long term objectives of the Company, to motivate and retain employees by rewarding for their performance, to retain and incentivize key talent to

drive long term objectives of the Company, to ensure that the senior management employeesRs. compensation and benefits match the long gestation period of certain key initiatives; and to drive ownership behaviour and collaboration amongst employees.

In terms of T ML SLTI Scheme 2021, (i) Not exceeding 75,00,000 Ordinary Shares of the face value of Rs.2/- each fully paid up, and (ii) Not exceeding 14,00,000 Ordinary Shares of the face value of Rs.2/- each fully paid up; are available for grant by the Company to the eligible employees of the Company and that of its subsidiary companies. The Eligible employees shall be granted stock options and/or performance share units, as determined by Nomination and Remuneration Committee (Rs.NRCRs.).

During FY 2022-23, there has been no change in the TML SLTI Scheme 2021. In FY 2021-22, 8,39,650 stock options and 9,64,569 Performance share units were granted and in FY 2022-23, 659,186 Performance share units were granted. There were no performance share units vested or any shares issued on vesting during the year and no stock options and no performance share units had lapsed and forfeited.

The statutory disclosures as mandated under the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (Rs.SEBI Regulations 2021Rs.) and a certificate from the Secretarial Auditors confirming implementation of the above Schemes in accordance with SBEB Regulations and Members approval, will be available for electronic inspection by the Members during the AGM and is also hosted on the website of the Company URL: https://www.tatamotors.com/investors/ESOP/

PARTICULARS OF EMPLOYEES AND REMUNERATION

Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to the Report as Annexure-1.

Statement containing particulars of top 10 employees and particulars of employees as required under Section 197 (12) of the Act read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided as a separate Annexure forming part of this report. In terms of proviso to Section 136(1) of the Act, the Report and Accounts are being sent to the Shareholders, excluding the aforesaid Annexure. The said Statement is also open for inspection. Any member interested in obtaining a

copy of the same may write to the Company Secretary. None of the employees listed in the said Annexure are related to any Director of the Company.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

Pursuant to Regulation 34(2)(f) of the SEBI Listing Regulations, the Business Responsibility and Sustainability Report (Rs.BRSRRs.) on initiatives taken from an environmental, social and governance perspective, in the prescribed format is available as a separate section of the Annual Report and is also available on the CompanyRs.s website URL: https://www. tatamotors.com/investors/annual-reports/

SAFETY & HEALTH - PERFORMANCE & INITIATIVES

With continuation of Safety Excellence Journey, the Company has achieved another Fatality Free Year 2022-23. In our endeavor towards achieving benchmark safety culture, multiple initiatives were started last year which helped the Company improve on hazard mitigation and risk reduction.

The Company Leadership team conducted detailed review of safety management system in April 2022 and came up with a comprehensive Rs.Zero Incident PlanRs.. 31 themes and 51 major actions were initiated across the Company with a L2 leader leading 5 pillars of a plan each. For Hazard mitigation, first project to be launched was on identifying Critical to Safety Stations (Rs.CTSRs.) and mitigation of hazards through appropriate safety controls namely; S1 (People control), S2 (engineering control) and S3 (elimination/substitution or failsafe control) across the CompanyRs.s plant locations. This systematic approach towards hazard identification and mitigation helped the Company reduce injuries at 801 CTS stations by 33%. In FY 2022-23, the Company started focused contractor employee safety initiative for 2 critical areas where potential hazard is highest. These activities are vehicle movement/ store management and conservancy services. Over a year, 109 administrative/ 26 engineering safety controls were established in vehicle movement/store management and 69 administrative/8 engineering controls in conservancy operations. In addition, 72 Safety Kaizen exercises were done across locations with themes such as manual handling of material, safety implementation in logistics area, ladder/ stair safety and vehicle movement safety. In commercial safety, we launched a Rs.Model Workshop planRs. for our dealer workshops in all corners of the country. In this initiative a standardized safety management system was installed in workshops, Capability building on safety done, appointment

of a safety resource ensured and continuous improvement in safety initiated. In the first year of the program, 42 workshops across country were identified as a Rs.Model workshopsRs..

Tata Motors safety performance was monitored and reviewed through Pro-active Safety Index which is a combination of lag (Rs.TRCFR reductionRs.) and lead (18 lead safety measures) parameters. Focused training sessions on Root Cause Failure Analysis, Incident investigation techniques and I-care to improve risk perception among employees were conducted. Special Attention was given to impart training to new joiners to improve their capabilities on risk perception and working safely. Digital analytics is being leveraged for improved analysis and identifying focus areas.

In FY 2022-23, for the CompanyRs.s plants, Total Recordable Case Frequency Rate is reduced by 37% to 0.66, against 1.04 reported in FY 2021-22. Lost Time Injury Frequency Rate in FY 2022-23 reduced by 41% to 0.13 compared to 0.22 in FY 2021-22. Measure of Proactive Safety performance, Proactive Safety Index-2 (higher the better) was at 98.06% in FY 2022-23 compared to 70% in FY 2021-22.

The Company has robust governance mechanism for Occupational Safety & Health, where reviews are undertaken at multiple levels. The Safety, Health and Sustainability Committee of Board is an apex review body, which reviews performances quarterly, followed by monthly reviews by SHE Council, chaired by Executive Director. Further reviews at factory level are taken by Apex Committees (led by plant heads), various Sub-committees for Safety Standards and then the Factory Implementation committees . For Non-manufacturing areas, focused safety reviews happen at defined frequency at regional offices with Customer Service and Warehouse teams.

The Company adopted Rs.A Healthy WorkplaceRs. framework by "Arogya World" which is a NGO working to prevent noncommunicable diseases in India. In this framework, there are 2 distinct themes namely; non-communicable disease prevention & Emotional wellness. Various initiatives like Tobacco de-addiction, weight management program, healthy eating, supporting recovery, managing stress & manager sensitization program on stress signals were undertaken.

The Company provides "Employees Assistance Program"- a confidential, third party, free of cost counselling service for employees and dependants since April 2020. During FY 2022-23, 543 employees and dependents availed counselling service through helpline. 24 online sessions on Emotional wellbeing were organized and 4646 employees attended these sessions.

During FY 2022-23, the Company received recognition and accolades for Occupational Health & Safety. TBEM external assessors identified 2 safety practices- Rs.Critical to safety Stations and S1S2S3 safety controlsRs. & Rs.Proactive safety IndexRs. as a Promising Practices. The Company also received Gold award from OSSHAI for excellence in Occupational Health & safety. For Occupational health, the Company received Gold award in healthy workplace program by Arogya World.

ENERGY & ENVIRONMENT

The Company has always been conscious of the need to conserve energy in its manufacturing plants and to protect environment. Energy conservation is achieved through optimized consumption of power and fossil fuels and improvements in energy productivity through Energy Conservation (Rs.ENCONRs.) projects, which contributes in reduction in operational costs and climate change mitigation through reduction in greenhouse gases. The Company is also signatory to RE100 - a collaborative, global initiative of influential businesses committed to 100% renewable electricity and is working towards increasing the amount of renewable energy generated in-house and procured from off-site sources.

In FY 2022-23 the said ENCON efforts contributed to energy savings of 34.42 lakh kWh electricity and 23,098 GJ of fuel, resulting into avoided emission of 5220 tCO₂e and cost savings of Rs.4.89 crores to the Company. In FY 2022-23, the Company generated / sourced 81 million kWh of renewable electricity for its manufacturing operations, which amounts to 23.5 % of the total power consumption and contributed in avoidance of emission of 57427 tCO₂e.

The Company generates renewable energy (RE) in-house through solar PV (photovoltaic) installations, off-site captive wind farms and through procurement of off-site wind and solar power through "Power Purchase Agreements" (Rs.PPARs.sRs.). As on FY 2022-23, the CompanyRs.s in-house installed Solar PV installation capacity is Pimpri (Pune) - 5.8 MWp; Chinchwad (Pune) - 0.435 MWp; Jamshedpur - 7.5 MWp; Pantnagar - 7 MWp; Lucknow - 4.07 MWp; and Dharwad - 1 MWp.

In FY 2022-23, the Company conserved a total of 8,09,036.3 lakh m³ of water through recycling effluent and rainwater harvesting, which is 21% of total water consumption. Two Plants achieved Water Neutral certification in FY 2022-23 and remaining Plants are working towards achieving the same. In FY 2022-23, the Company sustained its efforts across Plants to divert hazardous waste from landfill / incineration and derive value from the same. Several Plants divert hazardous wastes for energy recovery through co-processing at cement plants. The Company will continue

this initiative to ultimately achieve Rs.Zero Waste to LandfillRs. status for all its manufacturing operations.

CORPORATE SOCIAL RESPONSIBILITY

The brief outline of the Corporate Social Responsibility (Rs.CSRRs.) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year in the format prescribed in the Companies (Rs.CSR PolicyRs.) Rules, 2014 are set out in Annexure - 2 of this Report. The CSR Policy is available on CompanyRs.s website at URL: https: //investors.tata motors. com/pdf/csr-policy.pdf

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNING AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3) (m) of the Act, read along with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith as Annexure - 3.

ANNUAL RETURN

Pursuant to Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return for FY 2022-23 is uploaded on the website of the Company and the same is available on https://www. tatamotors.com/investors/annual-reports/

Appointment / Re-appointment

As reported last year, Mr Al-Noor Ramji (DIN: 00230865), was appointed as an Additional Director and Non-Executive Independent Director on the Board of the Company w.e.f May 1, 2022. Mr Om Prakash Bhatt (DIN: 00548091) and Mrs Hanne Birgitte Sorensen (DIN: 08035439) were reappointed as Non-Executive Independent Directors on the Board of the Company w.e.f May 9, 2022 and January 3, 2023, respectively. Aforesaid appointments were approved by the Members at the 77^th AGM held on July 4, 2022.

The Board of Directors on the recommendation of NRC and in accordance with provisions of the Act and SEBI Listing Regulations has appointed Mrs Usha Sangwan (DIN: 02609263) as an Additional and Non-Executive Independent Director on the Board for a tenure of 5 years w.e.f. May 15, 2023, subject to approval of Members at this

AGM. She shall hold office as Additional Director upto the date of this AGM and is eligible for appointment as a Director.

In accordance with provisions of the Act and the Articles of Association of the Company, Mr N Chandrasekaran, NonExecutive Director (DIN: 00121863) is liable to retire by rotation at the ensuing and is eligible for re-appointment.

Mr Theirry Bollore (DIN: 08935293) vide letter dated November 16, 2022, tendered his resignation as the Chief Executive Officer of Jaguar Land Rover Automotive Plc, UK ("JLR"), a WOS of the Company due to personal reasons w.e.f. December 31, 2022. Consequent upon cessation of his aforesaid employment with JLR, Mr Thierry Bollore has resigned as Non-Executive Non-Independent Director of the Company w.e.f December 31, 2022.

The Board of Directors places on record their appreciation for contributions made by Mr Bollore during his tenure.

The disclosures required pursuant to Regulation 36 of the SEBI Listing Regulations and the SS-2 on General Meeting are given in the Notice of AGM, forming part of the Annual Report.

Independent Directors

In terms of Section 149 of the Act and the SEBI Listing Regulations, Mr Om Prakash Bhatt, Ms Hanne Sorensen, Ms Vedika Bhandarkar, Mr Kosaraju Chowdary and Mr Al Noor Ramji are the Independent Directors of the Company as on date of this Report.

All Independent Directors of the Company have given declarations under Section 149(7) of the Act, that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations, the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgement and without any external influence. The Independent Directors of the Company have undertaken requisite steps towards the inclusion of their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs, in terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

In the opinion of the Board, the Independent Directors possess the requisite expertise and experience and are persons of high integrity and repute. They fulfill the conditions specified in the Act as well as the Rules made thereunder and are independent of the management.

Key Managerial Personnel

In terms of Section 203 of the Act, the Key Managerial Personnel (Rs.KMPsRs.) of the Company during FY 2022-23 were:

• Mr Girish Wagh, Executive Director

• Mr Pathamadai Balachandran Balaji, Group Chief Financial Officer

• Mr Maloy Kumar Gupta, Company Secretary

CORPORATE GOVERNANCE

Pursuant to Regulation 34 of the SEBI Listing Regulations, Report on Corporate Governance alongwith the certificate from a Practicing Company Secretary certifying compliance with conditions of Corporate Governance is annexed to this Report.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis, as required in terms of the SEBI Listing Regulations, is annexed to this Report.

MEETINGS OF THE BOARD

The Board of Directors held 6 (six) meetings during the FY 2022-23. For details, please refer to the Report on Corporate Governance, which forms part of this Annual Report.

COMMITTEES OF THE BOARD

The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegated authority. The following Committees constituted by the Board function according to their respective roles and defined scope:

• Audit Committee

• Nomination and Remuneration Committee

• Corporate Social Responsibility Committee

• StakeholdersRs. Relationship Committee

• Risk Management Committee

• Safety, Health and Sustainability Committee

• Technology Committed

Details of composition, terms of reference and number of meetings held for respective committees are given in the Report on Corporate Governance, which forms a part of this Report. Further, during the year under review, all recommendations made by the various committees have been accepted by the Board.

BOARD EVALUATION

The annual evaluation process of the Board of Directors, individual Directors and Committees was conducted in accordance with the provision of the Act and the SEBI Listing Regulations.

The Board evaluated its performance after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc. The performance of the Committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc. The above criteria are broadly based on the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India.

The Chairman of the Board had one-on-one meetings with the Independent directors and the Chairman of NRC had one-on-one meetings with the Executive and Non-Executive, Non-Independent Directors. These meetings were i ntended to obtain Di rectorsRs. inputs on effectiveness of the Board/Committee processes.

The Board and the NRC reviewed the performance of individual Directors on the basis of criteria such as the contribution of the individual Director to the Board and Committee Meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In a separate meeting of independent directors, performance of Non-Independent Directors and the Board as a whole was evaluated. Additionally, they also evaluated the Chairman of the Board, taking into account the views of Executive and Non-Executive Directors in the aforesaid Meeting. The Board also assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties. The above evaluations were then discussed in the Board Meeting and performance evaluation of Independent directors was done by the entire Board, excluding the Independent Director being evaluated.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

Please refer to the Paragraph on Familiarisation Programme in the CG Report for detailed analysis.

POLICY ON DIRECTORSRs. APPOINTMENT AND REMUNERATION

The CompanyRs.s Policy on DirectorsRs. appointment and remuneration and other matters provided in Section 178(3) of the Act (salient features) has been briefly disclosed hereunder and in the Report on Corporate Governance, which is a part of this Report.

Selection and procedure for nomination and appointment of Directors

The NRC is responsible for developing competency requirements for the Board based on the industry and strategy of the Company. The Board composition analysis reflects in-depth understanding of the Company, including its strategies, environment, operations, financial condition and compliance requirements.

The NRC conducts a gap analysis to refresh the Board on a periodic basis, including each time a directorRs.s appointment or re-appointment is required. The NRC reviews and vets the profiles of potential candidates vis-a-vis the required competencies, undertakes due diligence and meeting potential candidates, prior to making recommendations of their nomination to the Board.

Criteria for determining qualifications, positive attributes and independence of a Director

In terms of the provisions of Section 178(3) of the Act, and Regulation 19 of the SEBI Listing Regulations, the NRC has formulated the criteria for determining qualifications, positive attributes and independence of Directors, the key features of which are as follows:

• Qualifications - The Board nomination process encourages diversity of thought, experience, knowledge, age and gender. It also ensures that the Board has an appropriate blend of functional and industry expertise.

• Positive Attributes - Apart from the duties of Directors as prescribed in the Act, the Directors are expected to demonstrate high standards of ethical behavior, communication skills and independent judgment. The Directors are also expected to abide by the respective Code of Conduct as applicable to them.

• Independence - A Director will be considered independent if he / she meets the criteria laid down in Section 149(6) of the Act, the Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations.

The Directors affirm that the remuneration paid to Directors, KMPs and employees is as per the Remuneration Policy of the Company.

The said policy is also available on the CompanyRs.s website URL: https://investors.tatamotors.com/pdf/directors- appointment-remuneration.pdf

VIGIL MECHANISM

The Company believes in the conduct of the affairs of its constituents in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behaviour. In line with the Tata Code of Conduct (Rs.TCoCRs.), any actual or potential violation, howsoever insignificant or perceived as such, would be a matter of serious concern for the Company. The role of the employees in pointing out such violations of the TCoC cannot be undermined.

Pursuant to Section 177(9) of the Act, a vigil mechanism was established for directors and Wemployees to report to the management instances of unethical behaviour, actual or suspected, fraud or violation of the CompanyRs.s code of conduct or ethics policy. The Vigil Mechanism provides a mechanism for employees of the Company to approach the Chairperson of the Audit Committee of the Company for redressal. All persons have access to the Chairperson of the Audit Committee. In addition to the above, the employee also has an option to approach the Chief Ethics Counsellor (Rs.CECRs.).

The policy of vigil mechanism is available on the CompanyRs.s website at URL: https://investors.tatamotors.com/pdf/whistle- blower-policy.pdf

Statutory Audit

M/s B S R & Co. LLP, (Rs.BSRRs.) Chartered Accountants (ICAI Firm No. 101248W/ W-100022), were re-appointed as the Statutory Auditors of the Company for a tenure of 5 years commencing from the conclusion of the 77^th AGM of the Company until the conclusion of the 82^nd AGM of the Company to be held in the year 2027.

The Statutory AuditorRs.s Report does not contain any qualifications, reservations, adverse remarks or disclaimers.

Branch Audit

The Resolution authorizing the Board of Directors to appoint Branch Auditors for the purpose of auditing the accounts maintained at the Branch offices of the Company abroad is

being placed for approval of the Members in the Notice of the forthcoming AGM.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Director appointed M/s Parikh & Associates, (Registration No. - P1988MH009800), a firm of Company Secretaries in Practice to conduct the Secretarial Audit of the Company for the year ended March 31, 2023. The Report of the Secretarial Audit is annexed herewith as Annexure - 4. The said Secretarial Audit Report does not contain any qualification, reservations, adverse remarks and disclaimer.

Cost Audit & Cost Records

As per Section 148 of the Act, the Company is required to have the audit of its cost records conducted by a Cost Accountant. The Board of Directors of the Company has on the recommendation of the Audit Committee, approved the appointment of M/s Mani & Co., a firm of Cost Accountants in Practice (Registration No.000004) as the Cost Auditors of the Company to conduct cost audits for relevant products prescribed under the Companies (Cost Records and Audit) Rules, 2014 for the year ending March 31, 2024. M/s Mani & Co. have, under Section 139(1) of the Act and the Rules framed thereunder furnished a certificate of their eligibility and consent for appointment.

The Board on recommendations of the Audit Committee have approved the remuneration payable to the Cost Auditor, subject to ratification of their remuneration by the Members at the forthcoming AGM. The resolution approving the above proposal is being placed for approval of the Members in the Notice for this AGM.

The cost accounts and records of the Company are duly prepared and maintained as required under Section 148(1) of Act.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/ arrangements/ transactions entered by the Company during the FY 2022-23 with related parties were on an armRs.s length basis and in the ordinary course of business and approved by the Audit Committee. Certain transactions, which were repetitive in nature, were approved through omnibus route.

As per the SEBI Listing Regulations, if any Related Party Transactions (Rs.RPTRs.) exceeds Rs. 1,000 crore or 10% of the annual consolidated turnover as per the last audited financial statement whichever is lower, would be considered as material and would require Members approval. In this regard, during the year under review, the Company has taken necessary Members approval. However, there were no material transactions of the Company with any of its related parties as per the Act. Therefore the disclosure of the Related Party Transactions as required under Section 134(3)(h) of the Act in AOC-2 is not applicable to the Company for FY 2022-23 and, hence, the same is not required to be provided.

The details of RPTs during FY 2022-23, including transaction with person or entity belonging to the promoter/ promoter group which hold(s) 10% or more shareholding in the Company are provided in the accompanying financial statements.

During the FY 2022-23, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company other than sitting fees, commission and reimbursement of expenses, as applicable.

Pursuant to the requirements of the Act and the SEBI Listing Regulations the Company has formulated a policy on RPTs and is available on CompanyRs.s website URL: https:// investors. tatamotors.com/pdf/rpt-policy.pdf

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

As per Section 186 of the Act, the details of Loans, Guarantees or Investments made during FY 2022-23 are given below:

Rs.in crore

During FY 2022-23, the Company has not given guarantee to any of its subsidiaries, joint ventures, associates companies and other body corporates and persons.

DEPOSITS FROM PUBLIC

The Company has not accepted any deposits from public during the year under review, and as such, no amount of

principal or interest on deposits from public was outstanding as on the date of the balance sheet, except for unclaimed and unpaid deposits pertaining to previous years.

DIRECTORSRs. RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory, cost, secretarial auditors and external agencies, including audit of internal controls over financial reporting by the Statutory Auditors and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the CompanyRs.s internal financial controls were adequate and effective during FY 2022-23.

Accordingly, pursuant to Section 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures;

b) they have selected such accounting policies and have applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) t hey have prepared the annual accounts on a going concern basis;

e) they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; and

f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

Please refer to the paragraph on Internal Control Systems and their Adequacy in the Management Discussion and Analysis report for detailed analysis.

SECRETARIAL STANDARDS

The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India and that such systems are adequate and operating effectively.

INVESTOR EDUCATION AND PROTECTION FUND

Refer Corporate Governance Report para on Rs.Transfer of unclaimed / unpaid amounts / shares to the Investor Education and Protection Fund (IEPF)Rs. for details on transfer of unclaimed/unpaid amount/shares to Investor Education and Protection Fund (IEPF)Rs..

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

• There are no significant material orders passed by the Regulators or Courts or Tribunal, which would impact the going concern status of the Company and its future operation. However, Members attention is drawn to the Statement on Contingent Liabilities and Commitments in the Notes forming part of the Financial Statement.

• No fraud has been reported by the Auditors to the Audit Committee or the Board.

• There has been no change in the nature of business of the Company.

ACKNOWLEDGEMENTS

The Directors wish to convey their appreciation to all of the CompanyRs.s employees for their contribution towards the CompanyRs.s performance. The Directors would also like to thank the members, employee unions, customers, dealers, suppliers, bankers, governments and all other business associates for their continuous support to the Company and their confidence in its management.

1. a. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company and the percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the FY 2022-23:

* since the remuneration of these Directors/KMPs is only for the part of the current year/previous year the ratio of their remuneration to median and increase in remuneration is not comparable.

@ includes non executive remuneration which is payable on obtaining shareholderRs.s approval, being sought at the ensuing Annual General Meeting. Notes:

1) As a Policy, Mr N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated.

2) Appointed as an Independent Director of the Company, effective from May 1, 2022. Hence, his remuneration is not comparable.

3) Mr Bollore ceased to be Non Executive Director of the Company effective December 31, 2022. Hence, his remuneration is not comparable.

4) Appointed as an Executive Director of the Company effective July 1, 2021. Hence, his remuneration is not comparable.

b) A break-up of median remuneration for employees is given below:

The Median Remuneration of employees for the FY 2023 is Rs. 10.90 lakh. The percentage increased in the median remuneration of employees in the financial year was 17.6%.

2. The number of permanent employees on the rolls of Company as at March 31, 2023: 20,777

3. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:

* since the remuneration of the Director is only for the part of the previous year the increase in remuneration is not comparable.

Note: Salaries for blue collar includes only TFP (as they are not given any performance linked bonus but have plant-wise wage revision at a set frequency). The annual variable/performance pay and the salary increment of managers is linked to the CompanyRs.s performance in general and their individual performance for the relevant year is measured against major performance areas which are closely aligned to CompanyRs.s objectives. The remuneration for white collar does not include Long Term Incentives.

5. Affirmation that the remuneration is as per the remuneration policy of the Company:

The Company confirms that the remuneration is as per the remuneration policy of the Company.

On behalf of the Board of Directors