The luxury carmaker said that operations at its production facilities in Castle Bromwich, near Birmingham, and Halewood, near Liverpool, will be put on hold for some time.
The appointment of Speth comes at a time when TVS is rapidly expanding in international markets and ramping up its presence in the fast growing premium motorcycle segment.
The I-PACE is powered by a 90 kWh lithium-ion battery delivering 294 kW power and 696 Nm torque, allowing the electric car to accelerate from 0-100 km/hour in just 4.8 seconds.
Bullish on the government support for electric vehicle (EV), the company said setting up of fast charging network could lead to the quick adoption of such pollution-free vehicle across the country.
The company said in a statement that twenty two retail outlets across 19 cities are now EV ready in terms of infrastructure, as well as sales and after-sales support.
This is not the first time that JLR has taken a large write-off.
The carmaker will also welcome six electric variants of Land Rover SUVs over the next five years, with the first all-electric variant Land Rover to arrive in 2024.
Jaguar Land Rover to work closer with Tata Group, lays out new 'Reimagine Strategy' of electric cars
JLR has set its mission to be one of the most profitable and sustainable luxury manufacturers in the world. Jaguar and Land Rover will offer pure electric power, nameplate by nameplate, by 2030.
The company said Defender range combines safety features with an ultra-stiff aluminium-intensive body construction engineered to cope with rugged landscapes and provide excellent safety credentials.
It had posted a consolidated net loss of Rs 8,437.99 crore for the quarter ended June 30.
However, this is not the first time in recent weeks that Tata has neglected reports of a stake sell.
Tata Motors on Wednesday reported a rise of over 41 per cent in its consolidated Q1 net profit due to "one-time gain" on account of changes made to the Jaguar Land Rover pension plans.