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Mumbai based auto manufacturer Tata Motors Limited has denied reports of plans to sell up to 49 percent stake in the brand's domestic passenger vehicle business.
The company issued a statement clarifying media reports that it was in the process of partnering with either a European or an Asian based company in a deal that it would see it hold a 49 percent stake.
Reports also suggested that the company was in discussions with Chinese manufacturers Geely, and Chery, that own Volvo Cars, and a 50 percent stake in Jaguar Land Rover China, respectively.
The statement issued by Tata Motors said, "The report that you refer to is factually incorrect, highly speculative and misleading and we are taking it up with them. All such published news about Tata Motors to sell up to 49% stake in PV Business' and the names of potential partners/investors mentioned is incorrect and misleading."
There were also rumors that the brand was planning to bring in partners at some point in the future. Tata Motors however, put all speculations to rest.
The statement read, "Firstly, TML is India's foremost home grown auto company. Its products are receiving strong customer response with its best-in-class safety, stylish design and superior driveability. Over the years, initiatives taken by Tata Motors have and will continue to strengthen India and its auto sector."
March this year saw the brand announcing an intent to subsidise its private vehicle business as a move towards ensuring strategic alliances that will offer access to investments, new technologies, architectures, products, and new powertrains.
Tata Motors clarified that too saying that an alliance was an opportunity to secure a future, and was not imperative for today.
In Tata related news, the brand's soon-to-be-launched Gravitas model was spotted testing recently. The vehicle was expected to be launched during this month, but was rescheduled because of the Covid-19 crisis. To know more, click here.
Thoughts About Tata Motors Denying Reports Of A Possible 49 Percent Sale
Tata Motors is one of the few home-grown companies that has been at the forefront of multiple industries. We're sure the brand has enough of fire power to keep itself afloat, should the need arise. We are glad that the company has cleared up all the rumors.