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No sight of profit from Ratan Tata's dream 'Nano Car' project: Mistry

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 26 Oct 2016 5:04 PM GMT

No sight of profit from Ratan Tatas dream Nano Car project: Mistry
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No sight of profit from Ratan Tata's dream 'Nano Car' project: Cyrus Mistry
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New Delhi: Making a staggering revelation after being removed as the Chairman of Tata Sons, Cyrus Pallonji Mistry on Wednesday said that Ratan Tata's dream project - the 'Nano Car', has been a sheer loss affair but it is running "out of emotions".

Cyrus said that a decision to shut down the project should have been taken but there are "emotional reasons that kept us away from taking this crucial call".

In a letter to the board members and the Tata Trustees, Cyrus revealed that cost of manufacturing a Nano car was always above the price of the concept car of Rs 1 Lakh.

What else Cyrus Mistry said?

  • Ratan Tata's dream 'Nano Car' project has consistently lost money.
  • The losses now amount to Rs 1000 crore.
  • There is no line of sight to profitability in the Nano project.
  • The only thing company can do is "shutting it down".

Cyrus also gives a reason why Tata was bound to run the project despite losses:

  • Stopping Nano would have also stopped the supply of the Nano gliders to an entity that makes electric cars in which Mr Tata has a stake.

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Meanwhile, Ratan Tata takes the position of interim chairman of Tata Sons after Mistry was shown doors on Monday.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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