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Tata Motors: Tata Motors denounces JLR stake sell rumours, Auto News, ET Auto

NEW DELHI: Tata Motors has denounced rumours that the automaker was planning to sell its stake in Jaguar Land Rover.

The automaker's statement clarified that a few unconfirmed and unsubstantiated reports are not true. The automaker also said that Jaguar Land Rover is a key pillar of Tata Motors and the wider Tata group.

The company said in a statement, "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. 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. The Jaguar Land Rover business remains strong as it transitions to new electrified, autonomous and connected technologies to support its Destination Zero ambition."

There were a few media reports in 2019 that suggested that the Indian automaker is in discussion with BMW Group and Geely of China, for a partial stake sale of the JLR.

The British marquee was in talks with the UK government, to get financial aid. But the talks ended last week as the automaker could not phase-out its diesel vehicles, which was an important criterion to get the aid.

Also Read: UK bailout talks for Jaguar Land Rover and Tata Steel fall through

Source: auto.economictimes.indiatimes.com