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India's Tata Motors cuts investment by $1.5bn to hold cash

Pandemic-hit automaker tightens belt after $1.6bn annual net loss

Tata Motors reported a net loss of 120.7 billion rupees, including its Jaguar Land Rover unit, in the fiscal year ended in March.   © Reuters

TOKYO -- Leading Indian automaker Tata Motors will cut its investment spending for the current fiscal year to March 2021 by $1.5 billion versus the previous year to preserve cash as the novel coronavirus pandemic eviscerates demand for cars.

The cutback follows the company's net loss of 120 billion rupees ($1.6 billion) in the fiscal year ended March.

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