The Indian automotive circle went into overdrive as there were reports circulating that Tata Motors is planning to sell up to 49 per cent stake in its domestic passenger vehicle business. Tata Motors is a renowned name, not just in our country but elsewhere too. In addition to being one of the oldest mobility brands, Tata Motors also acquired Jaguar Land Rover (JLR) from Ford for $2.3 Billion. This deal made Tata Motors a force to reckon with in the global automotive scenario.
In an official statement released by Tata Motors, they have denied the unconfirmed and unsubstantiated reports that have been recently published by some media on Tata Motors Passenger Vehicle stake sale and potential partners.
Times of India reported that the company is planning to transfer the wholly-owned subsidiary for INR 9,417 crore. The report also claimed that the automaker has commenced the process of inducting a foreign partner in its passenger vehicle business in the country. The report added that the company is in talks with several automakers, European and East Asian, to sell up to 49 per cent stake in its passenger vehicle business. But the official statement made it clear that the news is ‘baseless and without any merit.’
The official statement
The statement read: “All such published news about ‘Tata Motors to sell up to 49% stake in PV Business’ and the names of potential partners/investors mentioned is incorrect and misleading. Firstly, TML is India’s foremost 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 Tata Motors have and will continue to strengthen India and its auto sector. In March 2020, TML had announced the intent to subsidiaries its PV business as the first step towards securing mutually beneficial strategic alliances that provide access to products, architectures, powertrains, new-age technologies and capital.”
“Securing a mutually beneficial alliance is a priority. However, it is not imperative for today but an opportunity to be secured for tomorrow. The imperative for today is to win sustainably by delivering market-beating growth and positive free cash flows by delighting our customers with exciting products and exceptional service while continuing to drive a strong cost savings agenda.” The statement further clarified.
Tata Motors is one of the most cherished automotive brands in India for a very long time now. From commercial vehicles and passenger vehicles to defence systems, the homegrown automaker has done a commendable job over the years. In other related news, Tata Motors has silently added a new feature to the mid-spec XT variant of its premium hatchback Altroz. The XT variant of the Altroz will now be offered with fully automatic climate control that too without any additions to its price tag.
Until now, the particular feature was limited to the top-spec trims of the hatchback, XZ and XZ (O) only. Also, the fully automatic AC can be controlled through voice-activated command. The introduction of this particular feature makes the Altroz XT a complete package.