Tata Motors has denied reports it plans to sell its stake in Jaguar Land Rover after a breakdown in talks with the the UK government to secure a financial rescue package.
Emergency funding talks with the UK’s biggest carmaker and Tata Steel, which runs the country’s largest steelworks in Port Talbot, Wales – both owned by the Indian conglomerate Tata Group – recently ended with the UK government deciding both companies needed to rely on private financing to survive.
Following the conclusion of the talks, which ended after the Treasury deemed that Tata Group had the financial strength to not need a taxpayer bailout, reports emerged that it might sell its stake in the struggling carmaker.
“Unconfirmed and unsubstantiated reports have been published by some media alleging that Tata Motors may sell [its] stake in Jaguar Land Rover,” the company said in a statement on Monday. “Tata Motors categorically denies