10 September 2020 business-level FCF generation, b) the monetization of non-core assets, and c) top-up equity (if required). revenue improvement, b) cost-cutting, and c) capex control plans laid out for four key businesses (incl. Capex plans laid out for FY21 (GBP2.5b for JLR and INR15b for the India business) would not see any material change in the foreseeable future. As the monetization of non-core assets begins with the Tata Technologies and Hitachi JV (construction equipment), it would look at other assets as well. However, currently it has no plans to monetize its stake in Tata Sons. The partnership between the PV segment and JLR is not the key part of its deleveraging strategy. Demand recovery is visible across markets in the US, UK, EU, and China. Only RoW markets are yet to see recovery. JLR is seeing an additional boost from strong demand for the recently launched Evoque and Defender.