Tata Group's Troubles Mount
印度头号跨国公司塔塔集团(Tata Group)在国内面临的问题日益增多之际，其全球扩张计划也正遭遇挫折。
India's first major multinational, Tata Group, is seeing its global ambitions backfire just as its problems at home grow.
从茶叶到酒店甚至是钢铁，塔塔集团均有涉足，或许看上去是实现了充分的多元化。但从该集团旗下公司一宗大规模收购遭遇的问题看，即便如塔塔这般实力雄厚的公司，在全球经济降温的环境下也会出现资金紧张的情况。
With interests ranging from tea to hotels to steel, the pioneering conglomerate may seem adequately diversified. But issues with one of the largest acquisitions made by the group's companies show how even Tata's resources are being stretched by the global downturn.
塔塔汽车(Tata Motors Ltd.)今年3月份斥资23亿美元收购陆虎(Land Rover)和捷豹(Jaguar)两大汽车品牌，被作为印度企业向海外扩张的证据而被大肆炒作，再加上印度这次竟然到前宗主国的后院动土，给这宗交易添上了更多色彩。但在汽车销售形势每况愈下的环境下，塔塔汽车收购这两个英国汽车品牌明显是吃亏了。
Tata Motors Ltd.'s $2.3 billion purchase of Land Rover and Jaguar in March was touted as evidence of India Inc.'s growing clout -- with added spice, since the acquisitions were on its former colonial ruler's home turf. But car sales are slumping, and it is clear that Tata Motors overpaid for its British trophies.
上个月，塔塔汽车为了偿还完成这宗交易所需要的过渡性贷款，不得不启动价值8.28亿美元的配股。眼下，陆虎和捷豹本身、或作为汽车业援助计划的一份子，都很有可能向英国政府寻求更多信贷额度。
Last month it had to launch an $828 million rights issue to help fund the bridging loan it needed for the deal. Now, there is a good chance that Jaguar Land Rover will seek a further line of credit from the U.K. government, either by itself or as part of an industry bailout.
与此同时，印度汽车需求减少正导致库存积压，该公司在詹谢普尔的生产基地被迫在本周减产。此外，有抗议者要求塔塔汽车另选他地建设“Nano”低成本车的生产厂，也使该公司的声誉受损。
Lower demand for cars in India, meanwhile, is causing inventory pileups; the company is having to cut production at its Jamshedphur base this week. The company's reputation also took a hit as protests forced it to abandon the site of the new manufacturing plant for its low-cost Nano car.
最令人担心的是，塔塔集团为受困的各子公司解围正显出疲态。由于塔塔汽车配股的认购不足，塔塔集团只得将旗下塔塔咨询服务有限公司(Tata Consultancy Services Ltd.)的一部分股份套现以购入配售股份。又因为塔塔咨询服务的股票价格今年以来已下跌过半，使得这次配股得不偿失。
Most worrying are the signs Tata Group is struggling to put out the fires at its beleaguered group members. The group plugged a shortfall in Tata Motors' rights issue last month by selling a stake in outsourcing arm Tata Consultancy Services Ltd. The value of Tata Consultancy's shares have more than halved this year, making that tactic less effective.
塔塔集团董事长拉坦?塔塔(Ratan Tata)也知道情况正变得越来越糟糕。他在上个月发给集团首席执行长的一封电邮中警告，在全球金融危机继续肆虐的环境下，集团的一些子公司会处于“不可挽回的境地”。
Group Chairman Ratan Tata knows the hole is getting deeper. Last month in an email to group chief executives, he warned of 'irretrievable positions' for some Tata companies as the global financial crisis continues.
为公司解困将耗用塔塔的所有心思。在他成功之前，塔塔集团各子公司的投资者要面临漫长的等待。
Extricating his company from this position will take all of Mr. Tata's expertise. Investors in his group's companies face a long wait for him to succeed.
Andrew Peaple
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