Tata Motors (TTM)

Recent Developments.

On July 11, 2007, we issued an aggregate principal amount of US $ 490 million (Rs.19,927.08 million) of Zero Coupon Convertible Alternative Reference Securities (“CARS^TM”) due on July 12, 2012. The noteholders have an option to convert these notes into (i) in the event there has been a Qualifying Issue (as defined in the Indenture relating to the CARS^TM ) by the time of conversion, into Qualified Securities (“QSs”), or (ii) in the event that there has not been a Qualifying Issue by the time of conversion or there has been a Qualifying Issue but we notify the holders of the CARS™ (the “Holders”) that the CARS™ are no longer convertible into QSs, into our newly issued ordinary shares, or ADSs, each currently representing one Share, at the option of the Holders.

In June 2007, we launched two new products: the Magic and the Winger. The Magic, developed on the platform of our successful Tata Ace, is a four-wheel vehicle for public transportation in the urban and rural areas. The Winger—India’s only maxi-van, offers a blend of the comfort of a car with the spaciousness of a bus for intra-city and long distance transportation needs. We believe that the two products will create new segments and in a complementary manner help to cover the full spectrum of customer needs in mass transportation.

On September 18, 2007, Mr. Praveen P. Kadle resigned from his position as Executive Director (Finance and Corporate Affairs) of Tata Motors and was appointed as Managing Director of Tata Capital Limited. Tata Capital Limited is a new company promoted by Tata Son, and will be the main financial services provider among the Tata Sons promoted entities. Mr. C. Ramakrishnan was appointed as the Chief Financial Officer of Tata Motors with effect from September 18, 2007.