Tata Motors on Monday i.e. 17th August issued a statement “categorically” denying reports that expressed the company plans to sell its stake in Jaguar Land Rover. Several media reports were claiming that Tata Motors may be looking at selling its stake in JLR by owing the losses.
The company said, “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 and Jaguar Land Rover is and will remains a key pillar of Tata Motors and the wider Tata Group”, they added.
Tata, in the statement, stated that the company had recently announced results for Q1 and have indicated that they are maintaining solid liquidity despite the COVID-19 pandemic, which is clearly a positive sign and a good news to share holders.
The statement said, “We 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.”
