A year of big losses, 2008 has been the most unfortunate for the Tata Group. The terror attacks at the Taj Mahal Hotel, at the peak of the earnings season, have only made things worse.
A slowdown in the economy has put the brakes on production at Tata Motors. The much-awaited Tata Nano project also was hit hard as it had to shift its location from Singur in West Bengal to Sanand in Gujarat.
Terror attacks hit Taj Mahal Hotel
The Taj Mahal Hotel, with 565 rooms including 46 suites, was one of the Taj properties with very high occupancy rates. The attacks are likely to hit the hotel's revenues for at least two years.
"We will rebuild every inch that has been damaged in this attack and bring back the Taj to its full glory," R K Krishna Kumar, vice chairman of Indian Hotels, said in a statement. Brave words, but the restoration -- both physical and monetary -- will take time.
Image: Ratan Tata, chairman of the Tata Group at The Taj Mahal Hotel on November 29, 2008. | Photograph: Prakash Singh/AFP/Getty Images
Also read: We will not be defeated: Ratan Tata
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