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Tata Motors has denied all of the rumours and speculations associated to promoting stake in Jaguar Land Rover (JLR).
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Tata Motors has categorically denied any intent of promoting stake in JLR
Tata Motors has all the time been on the search for strategic partnerships within the auto trade and we have seen one such intent of the corporate when it introduced that it will be working along with Volkswagen in India. However, that plan did not fairly pan out. The identical is true for Jaguar Land Rover as properly and Tata Motors has been on the lookout for strategic partnerships too. However, there have been stories doing the rounds claiming that Tata Motors was on the lookout for a strategic accomplice for Jaguar Land Rover (JLR) after talks with the British authorities on a monetary rescue package deal failed. The report in actual fact additionally mentioned that the corporate was planning to promote its UK metal plant. However, the Indian auto producer has utterly denied these rumours or speculations on this matter whereby it talked about that some unconfirmed and unsubstantiated stories had been alleging that the model could promote its stake in Jaguar Land Rover.
Also Read: Tata Warns Of Another Loss At JLR As Demand Slow To Pick Up
Tata Motors issued a press release saying, “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. “
Also Read: BS6 Tata Tiago, Tigor, Altroz & Nexon Prices Revised
The firm additional talked about, “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.”
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Tata Motors-owned British marque recorded a misplaced £1 billion within the first six months of this yr. The COVID-19 pandemic has resulted in decrease gross sales all over the world. The group had approached the British authorities for in search of a monetary package deal as a part of the latter’s efforts to help native corporations. However, the talks with the federal government failed due to the stiff situations, asking the model to develop extra electrical autos than diesel automobiles.
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