Tata Motors denies any intent to sell Jaguar Land Rover
Tata Motors has issued a press statement that categorically denies any plans to sell off its stake in British brand Jaguar Land Rover in the near future. According to speculative reports, the Tata Group was looking for a strategic partner for Jaguar Land Rover and would not ‘rule out’ a stake sale.
However, rubbishing the reports, Tata Motors in its statement said, “Unconfirmed and unsubstantiated reports have been published by some media alleging that Tata Motors may sell stake in Jaguar Land Rover (JLR). 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. Jaguar Land Rover business remains strong as it transitions to new electrified, autonomous and connected technologies to support its Destination Zero ambition.”
Tata Motors had acquired Jaguar Land Rover from the Ford Motor Company in 2008 for $ 2.3 billion.