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Tata Motors Denies Tie-Up With PSA Peugeot Citroen
A German magazine called Manager Magazin had earlier reported that PSA Peugeot Citroen's chief executive Philippe Varin was looking at alternative car companies as an alliance partner if a tie-up with General Motors and its European division Opel collapses.
A PSA spokesperson has said the company would not be commenting about rumours about the Group. GM and PSA had earlier announced a tie-up in Europe that would help both companies save millions. However, the talks are said to have been suspended after fears about PSA's financial health started cropping up.
PSA and Tata Motors would have been neighbours in India had the French carmaker not stopped its plans to build a car plant in Gujarat. PSA had acquired land in Sanand to build a $1 billion car plant but backed out early this year after financial troubles in Europe began to escalate.
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