Tata motors denied selling a stake in JLR
Tata Motors on Monday issued a statement debunking report that stated it plans to sell its stake in jaguar Land Rover (JLR), Underlining that it remains a crucial part of the wider Tata group. Due to the COVID-19 pandemic, several media reports had previously claimed that Tata motors may be looking to sell its JLR stake in the face of mounting losses. Being the centre of attraction in various reports about this issue finally, tata has come out strongly by claiming this statement false and inappropriate. Tata Motors clearly denies and said that JLR is and remains a key pillar of Tata motors and the wider tata group. The company sought to disclose any concerns over its financial health and stability. The company added “ 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 in gain till Q2” and concluded by saying “ we are doing great and the business remains strong as it transitions to new electrified, autonomous and connected technologies to support its destination zero ambition”
However, many times in recent weeks founded that tata denied selling stakes of JLR. It was also in talks with the UK government, to get financial aid. But the talk soon ended as the automaker could not phase-out its diesel vehicles, which was an important criterion. As the pace of sale of JLR will pick up after this pandemic. Sales in North America and China are doing exceptionally well as their Defender turns out to be a hot-selling vehicle.