NEW DELHI: Tata Motors has debunked reports that claimed that the company may sell stake in Jaguar Land Rover (JLR), the British luxury car brand owned by Tata. “Tata Motors categorically denies and dismisses any such intent. Jaguar Land Rover is and remains a key pillar of Tata Motors and the wider Tata Group,” the company said in a statement on Monday.
Several media report claimed that Tata Group is looking for a strategic partner for JLR and may sell its UK steel plant lock, stock, and barrel over rising losses after talks with the British government failed on a
financial rescue package.
“We recently announced our results for Q1 and have indicated that we are maintaining solid liquidity despite the Covid-19 pandemic and expect to be cash positive from Q2 onwards. Jaguar Land Rover business remains strong as it transitions to new electrified, autonomous and connected technologies to support its Destination Zero ambition,” Tata Motors said.
However, this is not the first time in recent weeks that Tata has neglected reports of a stake sell. Earlier in the month, Tata Motors denied reports of its plans to sell up to 49 per cent stake in its domestic passenger vehicle business. The homegrown automaker acquired Jaguar Land Rover in 2008.