Tata Motors have denied reports that suggested them selling stake in PV Business

Tata Motors have denied reports that suggested them selling stake in PV Business

The report that Tata Motors is thinking to sell up to a 49 percent stake in its domestic PV business, is contradicted by the Tata Motors company.

What is the report?

The Tata motors company clarifies the issue by replying to reports given by the media that the company is trying to induct a foreign partner in its PV businesses in India. Those reports asserted out that the carmaker company was in contact with the East Asian and European car manufacturing companies for a tie-up.

The report mentioned by the media concerning the company is incorrect, highly speculative, and misleading. All the news regarding the company selling up to 49 percent stake in PV business and other names of several other companies are all incorrect and misleading, as reported by a statement given by the Tata motors company itself.

The report also claimed that the carmaker company was in contact with many other Chinese manufacturers like Geely, which owns Volvo cars and Chery, which also has a 50 percent stake in Jaguar land rover etc.

Tata Motors have denied reports that suggested them selling stake in PV Business

The statement also cleared out that the company doesn’t have any such plans in the future too.

“Firstly, Tata Motors Limited is India’s homegrown auto company. Its products are receiving strong customer response with its best- in – class safety, stylish design, and superior driveability. Over the years, initiatives taken by the company have and will continue to strengthen India and its Auto sector”, as the company asserted.

A few days back, Tata announces the major loss due to the corona-virus pandemic lock-down as the sales hit down in domestic and international markets including China and Europe.

A 42.4 percent decline in its global retail sales at 74,067 units is a report by the Jaguar and land rover, Tata Motors British arm.