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Tata Motors is winding up its auto retail business Concorde Motors as part of its strategy to move away from non-core businesses.
Set up in the late 90s in partnership with Jardine Matheson’s Jardine Motors, the Concorde retail business over the years has been losing money on account of high costs and low volumes.
According to Agency Report, the company has registered a loss for seven consecutive years.
The winding-up process is in the final stages and it will be consummated before the end of this fiscal year. The company has sold almost all its outlets barring a couple of locations, which too may be executed shortly, say people in the know.
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