Jaguar Land Rover on Wednesday said the landmark UK-India free trade agreement (FTA) will help in removing obstacles in doing business and helping the automaker to enhance its focus on the Indian market. The company, which is present in India through a wholly owned subsidiary, locally assembles most of its products in the country and is in the process of adding new models and bolstering sales network over the next few years.
"We already do local production (in India) of almost all of our cars. We have no rush, but at some point, Defender will be added to that... It (UK-India FTA) is really exciting, and it will make everything much easier, and it will create more focus on the market," JLR Chief Commercial Officer Lennard Hoornik told reporters here.
Any agreement that helps remove obstacles regarding trade between two countries is a welcome step, he said, noting that the company would get to comment more once complete details of the trade agreement are out.
"I think we want to invest more than ever before. I want to double the amount of retailers we have in India very quickly... then we are making record marketing investments in India," Hoornik stated while outlining plans for the Indian market.
He noted that the British automaker, which is owned by Tata Motors, is focussed on retaining the quality of its local production in India.
"And I think all the trade agreements will help with that," Hoornik said.
He added that the company's focus remains on creating maximum brand desire across markets, including India.
Asked about product actions in India, Hoornik said he company aims to have every nameplate an electric version.
"Our strategy is all about giving choice to the customer to chose from various powertrains," he added.
JLR plans to introduce about eight battery electric vehicles in the Indian market by 2030.
Earlier this month, India and the UK sealed a landmark FTA that will lower tariffs on 99 per cent of Indian exports and would make it easier for British firms to export whisky, cars and other products to India, besides boosting the overall trade basket.
The aim is to double two-way commerce by 2030 from the present USD 60 billion. India has included adequate safeguards in the agreement to protect its sensitive sectors and in the automobile segment, the import duty will be reduced over 10-15 years.
The duty concession on imports of petrol and diesel engine vehicles from the UK is limited to a pre-defined quota.
Similarly, the quota for imports of British electric vehicles (EVs) at a concessional rate of customs duty is limited only to a "few" thousand.
Source Name : Econimic Times