News Summary: Tata Motors profit more than doubles

AP News
Posted: May 29, 2012 11:22 AM

CHINA ROVERS: March quarter profits at India's Tata Motors more than doubled to 62.3 billion rupees ($1.1 billion) on strong demand for Jaguar Land Rover vehicles, particularly in China.

RIGHT TURN: The results mark a sea-change for India's largest car maker. Tata Motors' 2008 acquisition of Jaguar Land Rover for $2.3 billion was greeted with skepticism by many analysts, who argued the company paid too much for the ailing luxury brand.

THE ROAD AHEAD: Executives said they plan to spend $1.3 billion on product development and capital expenditure at the Jaguar Land Rover subsidiary this fiscal year.