For this fiscal year, Tata Motors Ltd. intends to establish 10 dealerships for its Jaguar Land Rover luxury car brand in India, the second-fastest-growing major economy in Asia.
Rohit Suri, the head in India of Tata Motor’s premier car division, said that dealerships will be established in large Indian cities such as Mumbai, New Delhi, Bangalore, Hyderabad and Ahmedabad.
Aside from Tata Motors, other companies that aim to exploit the growing demand in India for premium brands include Daimler AG, BMW AG and Volkswagen AG’s Audi division.
A report last month by the Confederation of Indian Industry and A.T. Kearney said that the nation’s market for luxury goods and services is projected to triple to $14.7 billion by 2015.
From April to September this year, Daimler sales in India rose by 82% to 2,959 vehicles compared to a year ago. The Society of Indian Automobile Manufacturers said that BMW sold 53% higher to amount to 2,674 vehicles in the period, while Audi’s sales increased by 62%.
Suri said that Jaguar Land Rover will start assembling Land Rover models in India from the middle of next year. He said that Tata Motors has started to set up the plant but he declined to talk about the stage of construction, cost or its location.
Forbes said that the combined net worth of India’s 100 wealthiest people had climbed to a record $300 billion this year, equivalent to a quarter of India’s gross domestic product.