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Tata Motors is increasing its capital expenditure in the domestic business and will invest Rs 3,500 crore to Rs 4,000 crore per year for the next 3-4 years, compared with its Rs 2,700 crore last year, Tata Motors chairman Cyrus Mistry told shareholders at the company’s annual general meeting (AGM) on Thursday.
The spends will go towards new product development, technological enhancement and revamping the dealer network.
The company has been struggling in the domestic market as an economic slowdown has hurt sales of commercial vehicles, while no new significant car launches over the last four years has led to a sharp deceleration and loss in market share in its passenger vehicle business.
During the AGM, several shareholders rapped the company management for its poor performance in India.
Mistry acknowledged that Tata Motors had fallen short on expectations, but was now taking steps in the right direction. “Clearly India (business) has not done well and we need to accept that. I think, the market itself has not been good, but performance could have been better. There is a lot of transformational work being done now, which will take time to take effect,” Mistry said.