Tata says it's not selling Jaguar Land Roverby Drew Johnson
The denial follows reports to the contrary.
Tata Motors said on Friday that it has no plans to sell all or even part of its Jaguar Land Rover luxury car division. The Indian automaker was responding to two media reports claiming the company was looking to divest its stake in JLR.
The reports claimed that Tata was looking to either sell a minority stake in JLR or find a partner to jointly develop future vehicles to reduce costs. Tata categorically denied the possibility of either scenario on Friday.
"There is no truth to the rumors that Tata Motors is looking to divest its stake in JLR,” a Tata Motors spokesperson told Reuters.
The rumors come at a tumultuous time for both Tata and JLR. Last quarter Tata posted a $4 billion loss and JLR recently announced that it expects to post an operating loss for the financial year. JLR is also facing uncertainty surrounding Brexit.
Although Tata isn't planning to sell off any part of JLR, it could raise money through outside investors. However, the company is in the very early stages of weighing any kind of fresh equity.