Tata Motors Thursday denied reports that said the company is in the process of selling its British arm Jaguar Land Rover (JLR) to French automotive major PSA Groupe.
The company's response came after various reports suggested that the sale process is already on.
"As a matter of policy, we do not comment on media speculation. But we can confirm there is no truth to these rumours," a Tata Motors spokesperson said in a statement when asked to comment on the matter.
The UK-based car giant, which was acquired by Tata Motors in 2008 from Ford, has been reeling under tough market conditions and uncertainty over Brexit issue.
As part of its plans to achieve 2.5 billion pounds (about Rs 22,750 crore) of investment, working capital and profit improvements by March 2020, the company announced in January that it would reduce its global workforce by 4,500 people.
This is expected to result in a one-time exceptional redundancy cost of around 200 million pounds (about Rs 1,820 crore).
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app