2008, a rough year for Ratan Tata

New Delhi: 2008 has been a tough year for Ratan Tata, the Chairman of India's $22 billion conglomorate Tata Group. The devastation of the prized Taj Mahal Hotel is just a part of the misfortune Ratan Tata's been facing so far.

The Taj Mahal Hotel one of Mumbai's most enduring symbols on fire as terrorists and commandos exchange fire. This was the very building Jamshedji Tata built a century ago to attract foreigners now these images are going out as a warning globally to keep away from a terror hit India India

"I was emotionally overcome when I saw this beautiful building going up in flames," said Ratan Tata after the terror strike claimed the Taj hotel as its victim last week.

Many felt his pain as they saw their favourite building ravaged. Mumbai Taj Mahal Palace and Tower was certainly a jewel in the city's crown, and a precious one for Tata's own chain of luxury hotels. But the Taj devastation was not the only thing that happened this year.

The Nano Blow: In October the company was forced to move out its Nano project out of West Bengal after violent protests halted work at its plant...
Dipping Sales: Then came financial tsumani has hit it motor sales. Tata's Motors sold 20% less vehicles in October causing it to shut work at its Jamshedpur and Pune plants for a few days every month.

The Jaguar Bite: Internationally, it is looking for money to refinance the $3 billion loan it took to buy Jaguar and Land Rover in June this year. In fact the company was forced to borrow form the public for the first time in 13 years.

The Tata's have a lot to do starting with the hotel they have to rebuild.

"We are all committed that we will build back this hotel to what it was. However long it takes and whatever it takes, this hotel will stand," said a determined Ratan Tata.

Meanwhile, a sharp fall in commercial vehicle sales has forced Tata motors to shut its Pune plant once again.

The commercial vehicle plant will be closed between December 5 to 7 and then again from December 26 to 28. Though the industry is short on funds and demand, employees will be paid for this block period.

As a result of the shutdown the Tata Motors' plant will be shut for a total of 12 days in a year combining the earlier closer. This has happened for the first time in 10 years.

Tata Motors sold 16,229 Commercial Vehicles in November this year, which is a decline of 40 per cent over 26,895 sold in the year-ago period.

The year is not over yet but the 71-year-old chairman is hoping that 2009 will bring him better luck.

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