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Tata Motors delaying vendor payments

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Reuters

Posted: Feb 05, 2009 at 1546 hrs IST

Mumbai Tata Motors Ltd, is delaying payments to vendors because of liquidity problems, its managing director said on Thursday.

"We have created a vendor council. All problems with vendors are being discussed and all mutual solutions are being worked out," Ravi Kant told reporters at a news conference.

He said three-quarters of dues to vendors were paid immediately through an arrangement with banks.

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