The firm's domestic business has been under pressure for a while now. In the third quarter, it posted a loss of over Rs 2,100 crore on a standalone basis.
Tata Motors has launched a voluntary retirement scheme for workers across its India plants. The firm's domestic business has been under pressure for a while now. In the third quarter, it posted a loss of over Rs 2,100 crore on a standalone basis. In this light, the VRS will help create a more agile organisational framework.
The vrs has been offered to workers above 40 years of age and the company believes that workers at its older plants in Pune and Jamshedpur are more likely to consider it. The offer will remain open till the March 27.
The terms of the VRS state that workers can avail of basic pay in addition to dearness allowance and this will be payable on a monthly basis till the worker turns 60. What this means is that there won't be a one-time exceptional outflow of funds in a single quarter once the VRS payment starts.
As part of the VRS, the company will also provide workers with medical cover for 10 years after the separation.
The company has told CNBC-TV18 that as of now, the VRS offer has only been made to workers but it could be extended to managerial staff in the future.
Tata Motors stock price
On February 27, 2015, Tata Motors closed at Rs 575.50, up Rs 15.30, or 2.73 percent. The 52-week high of the share was Rs 612.05 and the 52-week low was Rs 379.15.
The latest book value of the company is Rs 59.58 per share. At current value, the price-to-book value of the company was 9.66.
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