JLR inks LoI with Saudi govt for auto unit
The UK's premium carmaker Jaguar Land Rover (JLR), promoted by Tata Motors, on Tuesday formally signed a pact with National Industrial Clusters Development Program (NICDP) paving the way for an automotive partnership in the kingdom of Saudi Arabia.
Jaguar Land Rover Chief Executive Officer Ralf Speth and Saudi Arabia's NICDP President Azzam Yaser Shalabi signed a Letter of Intent for an automotive partnership in the latter's country.
Accordingly, both the entities will now begin a detailed feasibility study together, to determine the viability of setting up an automotive facility.
Further, Prince Faisal Bin Turki bin Abdul Aziz Al Saud and the Saudi Arabian Government has expressed intention to initiate, develop and support automotive industries and see JLR as a potential partner to help strengthen their industrialisation plans in the region.
Even as discussions between JLR and the Saudi Government are at a preliminary stage, opportunities have already been identified in aluminium component production – an area where Jaguar Land Rover has established a leadership position.