Tata Motors 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).