New Delhi: The JLR Union is likely to meet Tata Motors in London On February 21, reports CNBC-TV18 quoting sources. It was also reported that the JLR Union tried to convince Ford to retain a stake in JLR, but that Ford is not keen.
The JLR Union and the Ford Management met on December 18 where they discussed sourcing pacts and pension issues. Ford has assured the Union that pensions will be fully funded at the time of the sale, the sources said adding that Tata Motors and Ford are expected to sign a MoU soon.
Meanwhile, according to sources, the Ford management has agreed on sourcing pacts for engine plants in the UK.
We understand from sources that on February 21, when they meet, they will discuss a whole host of issues that they have in mind. Of course, form the meeting that they had on February 18, when the Ford management and the Union met, they discussed various issues including the pension related issues, sourcing agreements and stuff.
We understand from sources that the Union was too keen on Ford retaining a stake in the two brands, they had asked for it. However, but the Ford management did not look too keen and it looks unlikely that they will retain any stake in the two brands.
However, the one point that the Union and the management agreed upon was about the sourcing agreements that they would possibly sign before the MoU is signed, may be sometime next week. It’s that the sourcing agreements will continue from the existing plants in the UK.
We also understand that Ford has assured the Union that pensions will be fully funded at the time of this sale and also that Tata has committed to stick to the business plan which is in place for 2012 and 2013. We understand that the MoU should be signed very shortly and that in the next 7-10 days, things should come at the forefront.
Also, when we contacted the Union, they said that they are looking forward to Tata taking the ownership.
With inputs from Swati Khandelwal
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