
Tata Motors-owned JLR delays launch of Range Rover, Jaguar EVs
JLR has told customers deliveries of the Range Rover Electric will not start until next year, the report said, while a source told the newspaper that Jaguar's first EV will start production in August 2026.
Deliveries of the Range Rover Electric were originally supposed to begin late 2025. The models, which are the first electric models to be manufactured directly by JLR, required extended testing, which partly led to the delay, the report added. "Our plans and vehicle architectures are flexible so we can adapt to different market and client demands," the company said in a statement to Reuters, while maintaining that it would sell electric versions for all of its brands by 2030.
The "Defender" SUV maker did not respond to any other details in the Guardian report. Earlier this month, the Tata Motors-owned automaker posted a 10.7% drop in first-quarter sales, hit by a temporary pause in shipments to the U.S and a wind-down of the Jaguar brand's legacy models. Production of the Range Rover Velar's electric version, slated for production from April 2026, could also be delayed further, the report said. The company in June cut its target for earnings margin before interest and taxes for the fiscal year 2026 to 5%-7%, from 10%, amid uncertainty in the global auto industry spurred by U.S. tariffs.
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The Hindu
19 minutes ago
- The Hindu
UK court awards £700 million to HP in late tycoon's fraud case
A UK court Tuesday awarded £700 million ($946 million) compensation to IT firm Hewlett Packard in a fraud case involving late British tech tycoon Mike Lynch, killed last year when his superyacht sank off Sicily. A UK court ruled in 2022 in favour of the U.S. technology giant, now known as Hewlett Packard Enterprise (HPE), in a civil case linked to the sale of Lynch's company, Autonomy. Lynch, once dubbed the "British Bill Gates", founded software firm Autonomy in the 1990s. Its $11 billion sale to Hewlett Packard in 2011 also saw him face fraud charges in the United States. HP accused Autonomy of artificially inflating its revenues and growth before the sale and had demanded $5 billion in compensation. "We are pleased that this decision brings us a step closer to the resolution of this dispute," said a spokesperson for Hewlett Packard. "We look forward to the further hearing at which the final amount of HPE's damages will be determined," they added. The further hearing, dealing with matters including interest, currency conversion and whether Lynch's estate can appeal the decision, is scheduled for November. The British court had not yet awarded damages when Lynch was killed along with his 18-year-old daughter Hannah, four friends and the yacht's cook in the sinking of his British-flagged vessel Bayesian in a storm in August 2024. Lynch, 59, his family and guests were on board celebrating his acquittal in the massive U.S. fraud case. The 56-metre (185-foot) yacht was struck by a mini-tornado before dawn as it was anchored off Porticello, near Palermo. Hewlett Packard had recorded nearly $9 billion in write-downs, including more than $5 billion it claimed resulted from accounting manipulations by Autonomy's directors before the sale. But justice Robert Hildyard in the British case wrote in his ruling that "HP's claim was always substantially exaggerated". The initial compensation award had been expected in September 2024, and before his sudden death Lynch had prepared a written reaction to the judgement. The ruling "exposes HP's failure and makes clear that the immense damage to Autonomy was down to HP's own errors and actions", he wrote, adding that the company would consider appealing the decision. A spokesman told AFP any debts would have to be discharged from Lynch's estate.
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Business Standard
an hour ago
- Business Standard
India's Gen Z billionaires lose interest in legacy family businesses
The family that ran India's largest luggage maker for more than half a century is packing it in, with control of Mumbai-based VIP Industries Ltd. passing to private equity. 'What do I do?' Dilip Piramal, the 75-year-old chairman, wondered aloud in a TV interview after announcing the sale. 'The younger generation is not interested in management.' Piramal isn't the only aging businessperson to have run out of successors: 'Today among the scions of some of the most affluent families of India, someone is an artist, someone wants to be a sportsman, someone wants to run a small restaurant. There's nothing wrong in that. It's the modern trend, people want to do their own things.' Two hundred years ago, that 'modern' trend among young people used to be enterprise. That's when families like Piramal's began to spread out of the Marwar region in land-locked northern India to take advantage of British-controlled trading opportunities in the port cities of Bombay and Calcutta — now Mumbai and Kolkata. Cotton, jute, and opium sold to China provided the seed capital to the Marwari business community for everything from textile mills to cement factories. By the early 20th century, these emerging industrial empires were large enough to challenge the colonial masters and their commercial interests. The likes of Ghanshyam Das Birla openly supported Mahatma Gandhi's campaign for independence, even as they outran rivals like Andrew Yule & Co. The Birla House in Delhi, a prominent hub for the freedom movement, was also where Gandhi was assassinated. As the sway of family firms continued after India's 1947 independence, it was believed that newer generations would always be available to take over the reins. Below the surface, however, the link between ownership and management has been weakening for some time. Piramal's daughter, Radhika, a Harvard University MBA, was the chief executive officer for a few years before quitting in 2017 and relocating with her spouse to London. Her same-sex marriage is not legally recognized in India. The luggage maker was back to being in the care of professional managers, a double-edged sword considering that a rival firm set up by a former managing director is now three-fifths bigger than VIP by market value. The heirs of prominent business families — millennial and Gen Z billionaires — are setting their own life goals. It's the sensible thing to do. In a labor-surplus economy, access to capital through clan networks and strategic marital alliances was family-run firms' core advantage. But via public markets and private equity, finance is now available to a much wider section of entrepreneurs. Risk-taking has been democratised. That frees up younger members of business dynasties to try new things. Someone recently asked the singer-songwriter Ananya Birla on social media if she was from the family behind India's largest-selling cement brand. She is indeed the great-great-granddaughter of Ghanshyam Das Birla. But from financial inclusion among rural women to a recently launched beauty brand, the 31-year-old Oxford graduate has her own interests that are independent of the sprawling commodities behemoth led by her father. Though they're from Tamil Nadu in southern India, and not Marwar in Rajasthan, it's the same for philanthropist Roshni Nadar Malhotra, the chair of HCL Technologies Ltd., a $48 billion outsourcing powerhouse founded by her dad. He gifted her the family's controlling stake in March. Running the tech firm's day-to-day operations is someone else's job. Nadar is passionate about wildlife conservation, among other things. Piramal is retaining 20 per cent of VIP. But that's just a financial investment in a publicly traded security. He'll pare it down. Owners of unlisted firms are proceeding more slowly. A few months ago, the family behind Haldiram's, a 90-year-old Indian snacks brand, parted with a minority stake to Singapore's Temasek Holdings Pte and other global investors. Media reports put the firm's valuation at $10 billion. A scenario where India's business elite is basically a bunch of rich financiers, living off accumulated wealth, doesn't appeal to everyone. 'What concerns me is that many in this generation are taking the easy way out, especially in the post-Covid world,' says billionaire Uday Kotak, who retired two years ago as managing director of Kotak Mahindra Bank, which he founded in the 1980s as a finance company. 'They claim to be managing family offices and investments, trading in the stock market, allocating funds to mutual funds, and treating it as a full-time job.' But they are probably just smart to realise that they're sandwiched. On one hand, access to capital is no longer their abiding advantage. On the other, real economic power is concentrating in fewer hands. Viral Acharya, a former central bank deputy governor, has shown in his research that India's top five nonfinancial groups have expanded their share of total assets by 8 percentage points in 30 years, whereas the next five business groups' sway has shrunk by roughly the same amount. From cement, steel, autos, power, and paints to retail, telecom, media, finance, and aviation, a handful of powerful conglomerates are pouncing on every new opportunity. No wonder the successors of tycoons like Mukesh Ambani, Gautam Adani and Sajjan Jindal are closely involved in management. Children from middling business families probably don't see the point of entering a new field only to see it being disrupted by a startup — or dominated by a bigger player.

Time of India
an hour ago
- Time of India
"We're in the Final Stage": Vikram Doraiswami on India-UK FTA Ahead of PM Modi's Visit
Ahead of Prime Minister Narendra Modi's upcoming two-day visit to the United Kingdom, Indian High Commissioner to the UK, Vikram Doraiswami, stated that preparations are progressing swiftly. Despite the short notice, he emphasized that both Indian and British teams are working enthusiastically to ensure the visit is productive and focused. This marks Modi's first visit to the UK in nearly four years and is expected to significantly strengthen bilateral relations. Key areas of discussion will include trade, technology, and defence cooperation, reflecting the growing strategic partnership between the two nations. Doraiswami highlighted the shared commitment to making the visit a success, noting that such high-level engagements are crucial for advancing mutual interests and deepening people-to-people ties. The visit comes at a time when both countries are aiming to finalize a long-anticipated free trade agreement, potentially unlocking new economic opportunities for both ChatGPT#pmmodi #modiukvisit #vikramdoraiswami #indiaukrelations #ukvisit2025 #diplomacy #bilateralties #foreignpolicy #tradenews #defencepartnerships