TATA Motors must explore Two Wheeler Segment, but then still they have to strengthen their passenger car segment
to an extent and then they should think of getting into Two Wheeler. Mahindra has already strengthened their passenger car segment with Xuv 500, Scorpio and Bolero and then they entered into Two Wheeler Segment with Mojo (special in its segment which looks more macho and an able cruiser). And if TATA Motors enter, then they will be producing more VFM
and rock solid bikes in the market.
But then still as @Nanofreak told TATA should buy an existing Two Wheeler Company and join hands in producing the Two Wheeler. For Example, Hero Motocorp introduced the Karizma in 2003 and still after so many face lifts and improving the Karizma to ZMR still didn't work a lot. Even though Hero produces the famous splendor but when it comes to powerful cruiser segment Hero Motocorp produced Karizma, it didn't pickup its phase in the market even though their product is reasonably priced then think of TATA entering the Two Wheeler Segment alone. So if TATA Motors want to be Successful in Two Wheeler Segment then they should be thinking different like nowadays a powerful cruiser/Tourer or a bike with retro feel is a direct hit in the market (example- Royal Enfield).
Still TATA Motors has improved a lot in design language with its passenger car segment. But when it comes to Two Wheeler Segment its better when TATA Motors acquires any bike company and produces bike for India. And let them get experience with that and expand the Two Wheeler segment of TATA Motors.
And we Indians should also be more supportive to Indian companies than any other companies so that the company and the country develops a lot than before. For example:- Most people bought Royal enfield and now the Royal Enfield company is becoming more advanced in developing their continental twins. So if there was not even a single person in the country to buy a Royal enfield then Royal enfield company might not produce any other product further. If we didn't buy the TATA Indica (1st gen) then TATA wouldn't have spent in developing newer products for Indian market. So Whatever the value for money product might be, we Indians must support/buy the product produced by the Indian company to make India more developed country.